Railroad giant CSX just announced Q3 financial results.Earnings per share climbed to $0.44, which was a penny more than analysts expected.
The stock is up over 2 per cent in after-hours trading.
However, revenue was a bit light coming in at $2.89 billion. Analysts were looking for $2.93 billion.
“CSX continues to respond well to moderating economic conditions and challenges in our domestic coal business,” said CEO Michael J. Ward. “The company is driving strong safety, customer service and productivity results while building its capabilities for the long term.”
More from the press release:
While the company saw strong increases in export coal, intermodal and automotive shipments, total revenue in the quarter declined 2 per cent when compared to the same period last year. This decline was driven by overall lower volume levels, a change in the mix of the company’s business and lower fuel recovery.
As a shipper of goods, CSX is widely recognised as a reliable bellwether of economic activity.
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