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CSX Q1 Earnings & Revenues Surpass Estimates, Shares Gain

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CSX Corporation (CSX - Free Report) delivered first-quarter 2019 earnings of $1.02 per share, beating the Zacks Consensus Estimate of 91 cents. Moreover, the bottom line surged 30.8% year over year. Total revenues of $3,013 million surpassed the Zacks Consensus Estimate of $3,006.8 million and also increased 4.8% year over year. Results were driven by merchandise volume growth and pricing gains.

The better-than-expected earnings and revenues pleased investors. Consequently, the stock rose 4.1% in after-hours trading on Apr 16.

First-quarter operating income augmented 17% year over year to $1,219 million. Operating ratio (operating expenses as a percentage of revenues) improved to 59.5% from 63.7% in the prior-year quarter with total expenses decreasing 2% from the year-ago period.

CSX Corporation Price, Consensus and EPS Surprise


CSX Corporation Price, Consensus and EPS Surprise | CSX Corporation Quote

Segmental Performance

Merchandise revenues climbed 6% year over year to $1,879 million in the quarter under review. Moreover, merchandise volumes expanded 3% year over year.

Coal revenues ascended 7% year over year to $538 in the reported quarter. Coal volumes also grew 5% year over year.

Intermodal revenues declined 5% year over year to $428 million. Volumes also slipped 5% on a year-over-year basis.

Other revenues grossed $168 million, up 16% year over year.

Liquidity & Share Buyback

This Zacks Rank #3 (Hold) company exited the first quarter with cash and cash equivalents of $1,188 million compared with $858 million at the end of last December. Long-term debt totaled $15,748 million compared with $14,739 million at 2018 end. As of Mar 31, 2019, net cash provided by operating activities was $1,173 million compared with $966 million in the year-earlier period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Investors interested in the broader Transportation sector are keenly awaiting first-quarter 2019 earnings reports from key players like Union Pacific Corporation (UNP - Free Report) , Landstar System, Inc. (LSTR - Free Report) and United Parcel Service, Inc. (UPS - Free Report) . While Union Pacific is scheduled to announce first-quarter earnings on Apr 18, Landstar and UPS will release the same on Apr 24 and Apr 25, respectively.

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