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CSX Q3 profit exceeds Street view on cost cuts, cheap fuel

It was full steam ahead for the third largest US railroad company

CSX Q3 profit exceeds Street view on cost cuts, cheap fuel
U.S. railroads have been working to cut costs

CSX (NYSE:CSX), the third-largest U.S. railroad, reported a third-quarter profit that topped market expectations as cost cuts and lower fuel prices helped overcome falling coal freight business. Shares advanced in early trading.

Net income declined to US$507mln, or US$0.52 per share, in the third quarter, from US$509mln, or US$0.51 per share, in the year-ago quarter, the Jacksonville, Florida-based company said in a statement late on Tuesday.

Analysts had on average expected earnings per share of US$0.50, according to Capital IQ estimates.

Revenue fell to US$2.94bn from US$3.2bn in the year-ago quarter. Analysts had expected US$2.97 bn.

U.S. railroads have been working to cut costs, mostly by parking locomotives and furloughing workers, to offset weak demand for commodity freight.

Shares gained 1.9% to US$27.71 at 8:05 a.m. in New York. The stock had closed down 2.3%, expanding this year’s slump to 23%.

Quick facts: CSX Corporation

Price: 68.5 USD

Market: NYSE
Market Cap: $52.43 billion

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