CSX Corporation (NYSE:CSX) reported strong earnings results late today, bringing in earnings that handily topped what Wall Street projected in its consensus estimate, while revenue was in line with expectations, pushing the company’s stock higher after hours.
The Jacksonville, Fla.-based real estate company said it brought in net income of $834 million for its first quarter of 2019, or $1.02 per share. The amount was roughly 31% higher than it was during the year-ago quarter, while also topping the $91 cents per share that Wall Street called for, according to the average estimate of eight analysts polled by Zacks Investment Research.
CSX also raked in revenue of $3.01 billion, a 5% increase over the year-ago quarter, while also arriving in line with the Wall Street outlook, per Zacks. The figure improved thanks to higher merchandise volume, as well as broad pricing gains.
The company added that its expenses were down 2% year-over-year to $1.79 billion, thanks in part to continued efficiency gains. This helped boost CSX’s operating income by 17% year-over-year, reaching $1.22 billion.
“The CSX team of exceptional railroaders continues to execute across all aspects of our business, delivering new all-time high service levels,” said CEO James Foote. “These results reflect the strength of our Company’s operating model and our commitment to providing a best-in-class service offering to our customers.”
CSX stock surged about 4.1% after the bell Tuesday as the company’s results were stronger than expected for most key financial metrics. Shares had been trading mostly flat during regular hours, gaining a fraction of a percentage by the ring of the bell.