WASHINGTON (dpa-AFX) - Railroad operator CSX Corp. (CSX), Tuesday reported a profit for the fourth quarter that trumped analysts estimates, as lower expenses and better prices offset decline in shipments volumes. Earnings for the quarter trumped Wall Street estimates, however, revenues fell short of expectations.
Jacksonville, Florida-based CSX's fourth-quarter profit rose to $4.14 billion or $4.62 per share from $458 million or $0.49 per share last year.
Fourth-quarter earnings included a $3.6 billion tax reform benefit resulting from the Tax Cuts and Jobs Act of 2017 and a $10 million restructuring charge.
Excluding one-time items, fourth-quarter adjusted earnings were $573 million or $0.64 per share. On average, 24 analysts polled by Thomson Reuters estimated earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter dropped 6 percent to $2.86 billion from $3.04 billion last year. Analysts had a consensus revenue estimate of $2.89 billion for the quarter.
Total volumes declined 8 percent to 1.60 million units, while revenue per unit rose 2 percent to $1,788 from $1,754 last year.
'CSX's performance continued to strengthen in the fourth quarter, building upon the scheduled railroading model that was instituted by Hunter Harrison' said James Foote, president and chief executive officer. 'I'm excited about the progress we are making and am confident we have the right team in place to achieve our goal of becoming the best railroad in North America.'
Total expenses declined 14 percent to $1.74 billion.
CSX closed Tuesday's trading at $58.13, down $1.12 or 1.89% on the Nasdaq. The stock further dropped $0.63 or 1.08% in the after-hours trading.
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