Rail giant CSX Corp said on Tuesday that fuel surcharges along with rising ethanol and grain volumes helped its first-quarter profit soar 46 per cent. CSX said it earned US$351 million or 85 cents per share, in the three months that ended in March, compared with US$240 million, or 52 cents per share, in the same period last year.
Revenue rose 12 per cent to a record US$2.7 billion. The earnings included 5 cents per share for non-cash equity earnings adjustment and 2 cents per share for insurance recoveries. Excluding those items, profit was up 60 per cent from a year ago. Analysts forecast earnings of 74 cents per share on revenue of US$2.63 billion, according to Thomson Financial. CSX shares were up US$1.29, or 2.2 per cent, in after-hours trading following the earnings release.
Revenue rose 12 per cent to a record US$2.7 billion. The earnings included 5 cents per share for non-cash equity earnings adjustment and 2 cents per share for insurance recoveries. Excluding those items, profit was up 60 per cent from a year ago. Analysts forecast earnings of 74 cents per share on revenue of US$2.63 billion, according to Thomson Financial. CSX shares were up US$1.29, or 2.2 per cent, in after-hours trading following the earnings release.