CSX (NASDAQ:CSX) reported its quarterly earnings figures late on Tuesday, tallying in a profit that surged, yet missed expectations, while revenue weakened and also lost out to analysts’ guidance, playing a role in CSX stock taking a dive today.
The real estate holding business reported net income of $870 million, which is weaker than the $877 million it gained during the year-ago quarter. This amounted to a profit of $1.08 per share during the second quarter of its fiscal 2019, which was 7% higher than a year ago.
Analysts predicted that CSX’s profit would come in at $1.10 per share during the three months, which would have been a 9% pop year-over-year. Revenue amounted to $3.06 billion during the period, which was a 1% slide when compared to the year-ago period.
Wall Street saw the business raking in sales of $3.16 billion–this figure would have been 2% higher than during the year-ago quarter.
“I am extremely proud of our dedicated CSX employees for once again achieving new record levels of efficiency this quarter, while also driving a significant improvement in safety,” said James M. Foote, president and CEO at CSX.
Nevertheless, the earnings told a story of failing to reach Wall Street’s expectations, but perhaps CSX will post a sales gain in the next quarter.
CSX stock is down about 5.7% after the bell today. Shares had been up 1.3% during regular trading hours.
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