CSX (NASDAQ:CSX) ended Tuesday with a positive note as the company’s stock surged on its latest quarterly earnings results, which were released after the market closed.
The Jacksonville-based transportation and real estate company had a record second quarter as it reaches its midpoint of fiscal 2018, bringing in net earnings of $877 million, which amounted to roughly $1.01 per share. The figure was a 72% improvement over its year-ago net earnings of $510 million, as well as an 83.6% per-share improvement over its year-ago income of 55 cents per share.
The figure also topped the Wall Street consensus estimate of 87 cents per share in earnings, according to data compiled by FactSet. CSX’s second-quarter revenue increased by 6% compared to the year-ago quarter to $3.10 billion, topping analysts’ expectations of $3 billion in sales, according to data compiled by FactSet.
Plus, the company’s expenses were down by 8% compared to the year-ago quarter, or 2% when excluding its prior year’s restructuring charges. CSX’s operating income for the period soared 34% year-over-year to $1.28 billion when compared to the $957 million from the year-ago quarter.
“I could not be more proud of our hardworking CSX employees for achieving these record-setting results,” said James M. Foote, president and CEO. “I expect continued improvement in our safety, service and financial performance.”
CSX stock was up about 0.7% during regular trading hours on Tuesday before the company’s quarterly earnings report, which sent shares popping about 3.3% after the bell.
