CSX 1Q beats Street
Written by Douglas John BowenLeading 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.
![“This record growth [in fiscal year 2024’s third quarter] is a direct result of our innovative logistic solutions during supply chain disruptions as shippers focus on diversifying their trade lanes,” Port NOLA President and CEO and New Orleans Public Belt (NOPB) CEO Brandy D. Christian said during a May 2 announcement (Port NOLA Photograph)](https://www.railwayage.com/wp-content/uploads/2024/05/portnola-315x168.png)