Investing.com - Railroad CSX on Wednesday reported mixed first-quarter results as earnings beat, but revenue missed analysts' forecasts as declines in its coal business offset growth in its merchandise.
CSX (NASDAQ:CSX) was flat in after-hours trade.
CSX announced earnings per share of $1 on revenue of $2.86 billion. Analysts polled by Investing.com anticipated EPS of $0.94 on revenue of $2.87 billion. That compared to EPS of $1.02 on revenue of $3.01 billion in the same period a year before. CSX had reported EPS of $0.99 on revenue of $2.89 billion in the previous quarter. Analysts are expecting EPS of $0.85 and revenue of $2.68 billion in the upcoming quarter.
CSX shares are down 16% from the beginning of the year , still down 24.71% from its 52 week high of $80.73 set on May 3, 2019. They are under-performing the S&P 500 which is down 13.75% year to date.
Growth in merchandise revenue was more than offset by declines in coal and other revenue, the company said.
Expenses decreased 7% year-over-year to $1.68 billion, driven by continued efficiency gains.
“I am extremely proud of our outstanding CSX employees for keeping the railroad running at such a high level during these unprecedented times and enabling the delivery of critical goods across the country,” CEO James M. Foote said in a statement. “Their hard work and dedication over the past few weeks, and throughout our transformation, have put CSX on the strongest footing it has ever been heading into this period of economic uncertainty.”
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