CSX says its revenue sunk marginally in Q1
CSX Corp (NASDAQ: CSX) is trending up in extended hours on Wednesday after reporting upbeat financial results for its first quarter.
Why is CSX stock up in after-hours?
The stock is in the green also because total volume came in at 1.53 million units that translates to up 3.0% versus a year ago.
That strength was related primarily to “intermodal” that climbed 7.0% in Q1. Joe Hinrichs – the chief executive of CSX Corp said in a press release today:
Looking ahead, with favorable trends across many of the markets we serve, we are eager to build on our momentum over the rest of the year and beyond
Executives of $CSX will discuss the earnings report on call that you can tune into here. Shares of the rail transportation company are now down roughly 10% versus their year-to-date high.
Watch here: https://www.youtube.com/embed/lIU-WW6BYb8?feature=oembedNotable figures in CSX Q1 earnings release
- Earned $893 million versus the year-ago $987 million
- Per-share earnings also narrowed from 48 cents to 46 cents
- Revenue inched down 1.0% year-over-year to $3.68 billion
- Consensus was 45 cents a share on $3.67 billion in revenue
CSX attributed the weakness in revenue to lower fuel surcharge, weaker trucking revenue, and lower export coal prices on Wednesday. According to CEO Hinrichs:
We were pleased to see our consistent customer service performance lead to volume growth, and we remain focused on improving the reliability and fluidity of our network.
Earlier this week, $CSX that currently pays a dividend yield of 1.41% revealed its 1st hydrogen-powered locomotive.
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