CSX third-quarter earnings beat Street
Written by William C. Vantuono, Editor-in-ChiefCSX late Tuesday reported a third-quarter profit of $414 million, or $1.08 per share, 42.8% better than the $290 million, or 73 cents per share, it notched in the comparable 2009 quarter. It also beat Wall Street consensus estimates of $1.04 a share. Shares of CSX were up more than 4% in trading on the New York Stock Exchange late Wednesday morning, and held a 4.7% gain in mid-afternoon activity.
Third-quarter revenue rose 16% to $2.67 billion, up from last year’s third-quarter sales of $2.29 billion.
“As the economy continued to improve, CSX saw volume growth in nearly all markets while delivering another strong performance in safety, service, and productivity,” said CSX Chairman, President, and CEO Michael J. Ward (pictured at left) in a statement. “These positive financial results are enabling the company to increase investments that create competitive advantages for customers, grow the business, create jobs, and deliver shareholder value.”
CSX said it plans to increase capital investment to about $1.8 billion, up from the previously announced $1.7 billion. CSX also said it will buy back $646 million in shares by the end of the first quarter in the new fiscal year.
