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Whoops! CSX Corporation (CSX) Stock Jumps on Early Earnings Release

CSX beats on the top and bottom lines for Q2

By Robert Martin, InvestorPlace Writer


CSX Corporation (NYSE:CSX) stock spiked in Wednesday’s late-afternoon trading after the railway operator accidentally released its second-quarter earnings report early, sending CSX stock to new 2016 highs.

Whoops! CSX Corporation (CSX) Stock Jumps on Early Earnings ReleaseCSX stock shot up 5% thanks to beats on the top and bottom lines. CSX reported Q2 revenues of $2.7 billion, down 12% but still enough to beat analyst expectations of $2.69 billion by a hair. Mostly weighing down results were a 9% volume decline led by a 30% slide in coal.

Meanwhile, earnings of 47 cents per share managed to get past estimates for 44 cents per share. That was helped by a 9% improvement in expenses.

Wall Street seemed to be ignoring full fiscal-year 2016 guidance; CSX expects earnings to decline on the year, blaming a strong U.S. dollar and commodity prices.

CSX Corporation was expected to announce its earnings after Wednesday’s bell. But the company did confirm with CNBC that the early release was legitimate.

Shares were around the $28.30 mark as of this writing — their highest point in 2016. The stock last reached these levels in December of last year.

As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/07/csx-corporation-stock-earnings-early/.

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