Wednesday, April 18, 2012

CSX 1Q beats Street

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Leading off Class I first-quarter 2012 earnings reports, CSX Corp. late Tuesday cited first-quarter net income of $449 million, or 43 cents per share. That handily beat Wall Street's consensus analyst estimates of $395 million, or 35 cents per share.

Revenue for the quarter rose to almost $3 billion, up 6% from the comparable quarter in 2011, and also beating expectations of $2.92 billion.

CSX said increased merchandise and intermodal shipments more than offset weakness in the coal segment, and noted expenses declined. Intermodal showed robust strength, up 9% in the first quarter. Automobile-related moves did even better, up 18%.

"Although utility coal-related headwinds are likely to be stronger in the second quarter, CSX remains on track to achieve year-over-year earnings growth in 2012," CSX President and CEO Michael Ward said.

Shares of CSX began the trading day Wednesday hoving close to the Tuesday close of $22.44.