CSX 3Q rail profit dips 2 pct. on volume shift

AP News
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Posted: Oct 16, 2012 4:42 PM

OMAHA, Neb. (AP) — CSX Corp. says both its third-quarter profit and revenue slipped 2 percent because the railroad delivered fewer carloads of coal and crops, and fuel surcharge revenue declined.

CSX says the railroad's earnings per share actually increased 2 percent because it had fewer shares outstanding.

The Jacksonville, Fla.-based railroad said Tuesday that it generated $455 million net income, or 44 cents per share. That's down from $464 million, or 43 cents per share.

Revenue fell 2 percent to $2.89 billion as the mix of goods it carried changed. Total volume was down about 1 percent.

Analysts surveyed by FactSet expected CSX to report earnings of 43 cents per share on $2.94 billion revenue.

CSX shares rose nearly 2 percent to $22 in after-hours trading.