CSX Corporation (NASDAQ:CSX) stock was on the rise Thursday following positive results in its earnings report for the first quarter of 2017.
During the first quarter of the year, CSX Corporation reported earnings per share of 51 cents. The transportation company’s earnings per share for the quarter beat out Wall Street’s earnings per share estimate of 43 cents.
CSX Corporation’s revenue for the first quarter of 2017 was $2.87 billion. This is an increase over its revenue of $2.62 billion from the same time last year. It also came out ahead of analysts’ revenue estimate of $2.76 billion for the first quarter of the year.
Operating income reported by CSX Corporation during the first quarter of the year was $712 million. This is up from the operating income of $704 million that was reported during the first quarter of 2016.
CSX Corporation reported net income of $362 million in the first quarter of 2017. The travel company reported a net income of $356 million during the same time in the previous year.
In a separate statement, CSX Corporation revealed its outlook for the full year of 2017. The company is expecting operating ratio to be in the mid-60s for the year. It also expects earnings per share to be up roughly 25% from earnings per share for 2016. Plus, it is looking for free cash flow before dividends of around $1.5 billion.
CSX Corporation has also announced a cash dividend for investors. The company is paying a dividend of 20 cents per share to stockholders, which is up two pennies from the previous dividend. This dividend will be payable on June 15, 2017 to shareholders on record as of May 31, 2017.
CSX stock was up 6% as of Thursday afternoon.