CSX Corp. (NASDAQ:CSX) reported lower earnings for the third quarter amid freight volumes and decline in revenue. However, its quarterly profit managed to beat consensus forecast.
The Jacksonville, Florida-based company said that revenue declined across all segments in the latest quarter, except automotive shipments, where revenue jumped 6 percent due to continued robust in United States vehicles sales.
CSX said that its earnings declined 8 percent to $455 million or 48 cents a share in the third quarter, as compared to $507 million or 52 cents a share, in the same period last year. Analysts on average were looking for a profit of 45 cents per share.
Revenue for the quarter came in at $2.7 billion, down 8 percent from $2.94 billion in the year-earlier quarter.
CEO Michael Ward said ‘’our financial results demonstrate CSX’s ability to deliver value for shareholders and customers in the current business climate.’’
CSX shares are up more than 1 percent in the pre-market session on Thursday following better-than-expected earnings. The 52-week range of the stock is $21.33-$31.31. The company’s market cap is $28.24 billion and P/E ratio of 16.51.