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CSX Corporation (NASDAQ:CSX) shares are up after the company reported its second-quarter financial results Monday. Here's a look at the details from the report.
The Details: CSX reported quarterly earnings of 49 cents per share on revenue of $3.7 billion, slightly below the analyst consensus estimate of $3.702 billion. The company said the positive effects of merchandise pricing gains and growth in intermodal and merchandise volume were offset by declines in export coal prices, a reduction in other revenue, and lower fuel surcharge.
Total volume of 1.58 million units for the quarter was 2% higher compared to the second quarter of 2023. CSX’s operating margin was 39.1% for the quarter, declining 50 basis points year-over-year but increasing 280 basis points sequentially.
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“CSX remained focused on efficiently serving our customers over the second quarter, allowing us to deliver strong sequential increases in volume, operating income, margin, and earnings per share,” said Joe Hinrichs, CEO of CSX.
“I am proud of our railroad’s performance, including our team’s effective response to the disruptions at the Port of Baltimore. As we continue to execute through shifting markets, CSX is well-positioned to achieve solid year-over-year margin expansion over the remainder of 2024.”
CSX Price Action: According to Benzinga Pro, CSX shares are up 4.85% after-hours at $34.60 after falling 3.17% in regular trading Monday.
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Posted In: CSX
