CSX Corporation earnings (NASDAQ:CSX) came in ahead of what analysts were calling for for the company’s most recent quarter of its fiscal 2018, while its revenue grew year-over-year but its stock declined late in the day.
The Jacksonville, Fla.-based transportation services company said that for its fourth quarter of fiscal 2018, it brought in earnings of $1.01 per share, which was stronger than analysts’ guidance of 99 cents per share. The company added that its revenue for the period tallied up to $3.14 billion, ahead of the $3.13 billion that analysts were calling for in the Wall Street consensus estimate, according to data compiled by Zacks Investment Research.
CSX added that it authorized roughly $5 billion in its share repurchase program following the early completion of its current $5 billion share repurchase authorization. However, the company expects its fiscal 2019 to bring “low single-digit revenue growth,” which is below its expected 7% growth in 2018, while analysts see a 3.6% surge.
“We are entering 2019 on a new trajectory with significant opportunity to improve across all aspects of our business,” said CSX CEO James Foote. “I expect CSX to deliver even better service to our customers and drive significant shareholder value.”
CSX stock is down about 2.4% after the bell despite the company’s strong quarterly earnings showing and its revenue growth to end its fiscal 2018. The company’s shares had been surging roughly 0.4% by day’s end during regular trading hours on Wednesday.