CSX Corporation (CSX) Shares Dip as Revenue Falls 6%

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CSX Corporation (NASDAQ:CSX) posted its quarterly earnings after hours, yielding mixed results.

CSX Corporation (CSX)

The transportation company reported earnings of $4.1 billion for its fourth quarter of fiscal 2017, or $4.62 per share, topping the $458 million, or 49 cents per share it posted in the year-ago quarter. CSX’s profit included a $3.6 billion net tax reform benefits and a $10 million net restructuring charge.

Excluding these items, earnings came in at 64 cents per share, eight cents ahead of analysts’ expectations. However, revenue fell 6% year-over-year to $2.86 billion, below the $2.9 billion that analysts polled by FactSet projected.

Expenses for the fourth quarter were lower at $291 million, a 14% fall year-over-year. This figure included $116 million in additional costs related to the extra week in 2016, while operating income for the quarter was $1.12 billion.

“CSX’s performance continued to strengthen in the fourth quarter, building upon the scheduled railroading model that was instituted by Hunter Harrison,” said James M. Foote, president and chief executive officer.

“I’m excited about the progress we are making and am confident we have the right team in place to achieve our goal of becoming the best railroad in North America,” Foote added.

For the full year, CSX announced  earnings of $5.99 per share, operating income of $3.7 billion and an operating ratio of 67.9%. Its adjusted earnings of $2.30 per share, topping Wall Street’s consensus estimate of $2.21 per share.

CSX shares took a hit after the bell Tuesday, falling 1.3%.


Article printed from InvestorPlace Media, https://investorplace.com/2018/01/csx-corporation-csx/.

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