Tags: CSX | rail | profit | shipments

CSX Profit Tops Estimates as Shipments Climb

Tuesday, 16 Oct 2012 04:56 PM

CSX Corp., the biggest eastern-U.S. railroad, reported third-quarter profit that exceeded analysts’ estimates as automotive, container and export coal shipments rose.

Net income of $455 million topped the average estimate of $447.6 million from 17 analysts in a Bloomberg survey. On a per-share basis, earnings were 44 cents, up from 43 cents a year earlier, because of stock repurchases.

CSX, the first rail carrier to report earnings, said total shipping volume fell 1 percent. The company’s operating ratio, a measure of efficiency that compares operating expenses with revenue, rose to 70.5 percent from 70.4 percent in the third quarter of 2011.

Volumes in CSX’s intermodal business, which hauls containers that can move by rail, road or sea, climbed 8 percent, while automobile shipments rose 17 percent, the company said.

The results follow an announcement last month by Norfolk Southern Corp., the second-largest railroad in the eastern U.S., that said it expected third-quarter profit to fall from a year earlier as coal and merchandise shipments dropped.

CSX shares rose 1.7 percent to $22 at 5 p.m., after the close of regular trading in New York. The shares previously advanced 2.7 percent this year, trailing a 16 percent gain for the Standard & Poor’s 500 Index.

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CSX Corp., the biggest eastern-U.S. railroad, reported third-quarter profit that exceeded analysts' estimates as automotive, container and export coal shipments rose.
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Tuesday, 16 Oct 2012 04:56 PM
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