Rail transport company CSX Corporation (NYSE:CSX) reported record second-quarter earnings of US$877mln, or US$1.01 per share versus US$510mln, or US$0.55 per share in the same period last year.
The earnings easily topped second-quarter estimates amidst solid revenue growth and improving operating efficiency.
The Florida-based company surpassed expectations with the average estimate of 10 analysts surveyed by Zacks Investment Research for earnings of US$0.86 cents per share.
"While we remain in the early stages of the transformation I am more confident this exceptional team can deliver on our longer term outlook," said CEO James Foote.
Revenue up, expenses down
Revenue for the second quarter increased 6% year-over-year to $3.10bn, while expenses declined 8% year-over-year or 2% when excluding prior year restructuring charges.
Operating income for the second quarter increased 34% to $1.28bn when compared to $957mln in the same period last year or 20% when compared to the adjusted operating income of $1.07bn reported in the second quarter of 2017.
CSX shares have increased 17% as of the beginning of the year.
At the end of trading on Tuesday, shares hit US$64.48, a climb of 18% in the last year.
