CSX 3Q profit rises12 percent as railroad shipping volume increases, economy grows

Industrials Associated Press

CSX Corp. (CSX) on Tuesday said its third-quarter profit grew 12 percent to $509 million as it hauled more freight amid an improving economy.

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The Jacksonville, Florida-based company reported profit per share of 51 cents, beating the 47-cent average estimate of analysts surveyed by Zacks Investment Research.

That's up from 45 cents per share, or $455 million, last year.

The freight railroad posted revenue of $3.22 billion in the period. Zacks says analysts expected $3.16 billion.

Shares added 99 cents, or 3 percent, to $33.60 in extended trading. The stock has risen 13 percent in 2014.