On Wednesday, CSX (CSX) reported lower quarterly earnings that still topped forecasts. But investors were unimpressed, sending CSX stock down more than 2% in mid-day trading.
CSX posted a first-quarter profit of $398 million. That was almost 14% lower than the prior-year quarter. EPS came in at 45 cents, which easily surpassed the 37 cents Wall Street was looking for. Q1 revenue of $3 billion rose 1.8% and was inline with expectations, the Wall Street Journal noted.
Revenue generated from coal shipments dropped 9% during the quarter, while agricultural shipment revenue climbed 18%. Chemical and oil shipment revenue increased 10%.
Harsh winter weather pushed CSX quarterly expenses up 9% to $190 million. On-time train arrivals also plunged from 85% to 51% due to winter storms.
CSX stock closed at $28.29 on Tuesday. Over the past 12 months, CSX stock has climbed about 17%.
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