CSX Corporation (NASDAQ:CSX) shares are trading lower in Thursday’s after-hours session following the company’s third-quarter earnings. Here’s a summary.
What To Know: CSX reported quarterly earnings of 42 cents per share, which met the analyst consensus estimate, a 19.23% decrease over 52 cents per share from last year.
The company reported quarterly sales of $3.57 billion, which beat the analyst consensus estimate of $3.55 billion, an 8.34% decrease over sales of $3.90 billion in the same period last year.
The impacts of lower fuel prices, reduced intermodal storage revenue, a decline in export coal benchmark prices, and a decrease in intermodal volumes more than offset the effects of higher merchandise yields and coal volume growth.
CSX ended the quarter with $1.36 billion in cash and equivalents, down by $598 million from last year.
Total volume transported in the third quarter fell by 2% year-over-year to 1.55 million units. Revenue per unit fell by 6% to $2,305. Agricultural and Food Products volume fell by 10% to 108 thousand units.
“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,” said Joe Hinrichs, president and CEO.
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CSX Price Action: Shares of CSX were down 0.13% at $30.50 in the after-hours session at the time of publication, according to Benzinga Pro.
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