CSX Corp. Reports Revenue Miss, Earnings In Line With Consensus
CSX Corp. on Tuesday reported earnings in line with expectations but a 14% dip in revenues that the railway blamed on lower shipping volumes. The company said it earned $356 million, or 37 cents a share, in the first quarter, down from $442 million, or 45 cents a share, in the year-ago quarter. Revenue for the quarter was down 14% to $2.62 billion, from $3 billion a year ago. Analysts polled by FactSet had expected the company to report earnings of 37 cents a share on sales of $2.68 billion. Revenue for 2016 will decline "as a result of coal headwinds combined with other market fundamentals," the company said in a statement. Shares of CSX rose 0.2% in late trading Tuesday after ending the regular trading session up 1.9%.
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