CSX 1Q earnings rise 30%
Written by William C. Vantuono, Editor-in-ChiefCSX Corp. has reported first-quarter earnings of $395 million, or $1.06 per share, up 30% from the comparable quarter in 2010. Revenue of $2.81 billion was up 13% from the year-ago quarter.
CSX earnings beat Wall Street analyst consensus estimates by two cents. Despite that, shares of CSX drifted lower near midday Wednesday on the New York Stock Exchange, and were down as much as 2.7% in late afternoon trading.
CSX said higher shipping prices and stronger customer demand in most of its commodity markets offset rising fuel costs, with volume up 7%. Automotive shipments rose 20%, with revenue up 29%. CSX said it also saw gains in the chemicals and metals markets, while CSX intermodal traffic increased 11%. Coal, however, rose a modest 3%.
"We expect these positive trends to continue, allowing CSX to make critical investments and meet the future transportation needs of our customers and the nation," Chairman and CEO Michael Ward said.
