CSX (NYSE:CSX) found its shares higher early Friday after the company’s third-quarter earnings fell short of analysts’ estimates. CSX posted earnings of 42 cents per share. Revenue came in above expectations at $3.57 billion, while analysts forecast $3.55 billion.
The Jacksonville, Florida-based transportation company also reported third quarter 2023 operating income of $1.30 billion compared to $1.58 billion in the prior year period. Net earnings of $846 million, or $0.42 per diluted share, compared to $1.11 billion, or $0.52 per diluted share, in the same period last year. Experts called for 43 cents per share.
“Over the third quarter, our efforts centered on delivering the reliable customer service that has allowed us to remain resilient and successfully maneuver through mixed markets,” said CEO Joe Hinrichs, “Our merchandise business remained solid, and our coal operations delivered strong volume growth. As we approach year-end, we are proud of the cohesive culture taking shape across our one CSX team that is helping to drive positive business results, and we are encouraged to see improving sequential trends in some of our key end markets.”
“For nearly 200 years,” states Friday’s news release, “CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.”
CSX shares took on 54 cents, or 1.8%, to $31.08.