Rail giant CSX announced its third quarter results this afternoon, with earnings per share of $US0.46.
Economists were expecting an EPS of $US0.43.
The company also reported $US3 billion in revenue thanks to higher volume and pricing gains in merchandise.
“CSX posted historically high financial results as it continued to effectively manage ongoing challenges in the coal market and leverage growth opportunities in merchandise and intermodal,” CEO Michael J. Ward said in a statement. “The third quarter performance is an ongoing reflection of the company’s ability to capitalise on the modest improvement in the economy with a relentless focus on customer service and asset efficiency.”
Management also said it expects full-year earnings to be up this year. Previously, they expected earnings growth to be flat.
The stock is up over 2% in after-hours trading.
Railroad companies move a wide variety of lumber, automobiles, and other goods across the country, and are often thought of as an economic bellwether. In particular, CSX links every major metropolitan area in the eastern U.S.
Below is a breakdown of what CSX moved last quarter.
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