OMAHA, Neb.: CSX railroad’s second-quarter profit more than doubled as the economy continued to rebound from the depths of the coronavirus pandemic and it hauled 27% more freight than a year ago.
The Jacksonville, Florida-based railroad said Wednesday that it earned $1.17 billion, or 52 cents per share, during the quarter. The results included a one-time boost of 12 cents per share related to a $349 million sale of property rights to the state of Virginia.
The adjusted results of 40 cents a share topped the average estimate of six analysts surveyed by Zacks Investment Research for adjusted earnings of 37 cents per share.
The number of shipments CSX delivered jumped in every category of freight compared to a year ago, when the economy slowed to a crawl because of restrictions related to the pandemic.
The freight railroad said revenue grew 33% to $2.99 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.97 billion.
CSX shares gained 3% in after-hours trading Wednesday following the release of the earnings report.
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Source: News18