CSX Profit Tops Estimates as Cost Cuts Soften Freight Drop
- Railroad’s shares rise most since January on quarterly results
- Company releases earnings early after incorrect tweet sent
This article is for subscribers only.
CSX Corp.’s second-quarter profit beat analysts’ estimates as cost cuts helped ease the blow of rail freight declines.
Adjusted earnings fell to 47 cents a share from 56 cents a year earlier, CSX said in a statement Wednesday. That topped the 44-cent average of 25 analyst estimates compiled by Bloomberg. Revenue declined 11.7 percent to $2.7 billion, the company said Wednesday. Analysts had expected revenue of $2.69 billion.