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BUSINESS
CSX 3Q rail profit drops 2 percent
OMAHA, Neb. -- CSX Corp. says both its third-quarter profit and revenue slipped 2 percent because the railroad delivered fewer carloads of coal and crops, and fuel surcharge revenue declined.
CSX says the railroad's earnings per share actually increased 2 percent because it had fewer shares outstanding.
The Jacksonville, Fla.-based railroad said Tuesday that it generated $455 million net income, or 44 cents per share. That's down from $464 million, or 43 cents per share.
Revenue fell 2 percent to $2.89 billion as the mix of goods it carried changed. Total volume was down about 1 percent.
Analysts surveyed by FactSet expected CSX to report earnings of 43 cents per share on $2.94 billion revenue.
CSX shares rose nearly 2 percent to $22 in after-hours trading.
