Shares of CSX Corp. rose after hours on Thursday after the railroad giant's first-quarter results beat expectations.
Shares of CSX Corp. rose after hours on Thursday after the railroad giant’s first-quarter results beat expectations, as price increases and a bump in coal demand offset a dip in how much product the company shipped overall.
The railroad operator, whose network covers much of the eastern U.S., reported first-quarter net income of $987 million, or 48 cents a share, compared with $859 million, or 39 cents a share, in the same quarter last year. Analysts polled by FactSet expected adjusted earnings per share of 43 cents, on revenue of $3.58 billion. They expected shipping volumes to dip 0.9%.
President Joe Biden in December signed legislation preventing a railroad-worker strike, following worker dismay over what they said was scant paid sick time. The industry, after slimming down crews on trains in an effort to cut costs and compete with rival forms of shipping, has now struggled to attract, bring back and retain workers.
Any strike risked halting shipments and damaging the economy, even if it were to have lasted for only a few days. Meanwhile, inflation and concerns of a recession have cut into the amount of items railroads and trucks haul from one place to another.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IBM stock ticks higher on earnings beatIBM shares ticked higher in the extended session Wednesday after Big Blue topped earnings estimates.
Read more »
CSX freight train derails in Blue Island Wednesday nightThe transportation company said in a statement there were no injuries as a result of the derailment
Read more »
CSX train derails near Chicago, crushing several vehicles: reportsA transport train operated by CSX became derailed on Wednesday night in Blue Island, Illinois, just south of Chicago.
Read more »
Fox Corp., Dominion Settle Defamation Case for $787MA Fox spokesperson told THR: 'We acknowledge the Court’s rulings finding certain claims about Dominion to be false...We are hopeful that our decision to resolve this dispute with Dominion amicably...allows the country to move forward from these issues”
Read more »
Gold Price Forecast: XAU/USD edges higher amid weaker US Dollar, lacks follow-throughGold Price Forecast: XAU/USD edges higher amid weaker US Dollar, lacks follow-through – by hareshmenghani Gold Commodities Fed RiskAversion XAUUSD
Read more »
AUD/USD grinds higher past 0.6700 as RBA Minutes, China/US data inspired run-up fadesAUD/USD struggles to cheer the first daily gain in three as the quote dribbles around 0.6725-20 amid early Wednesday morning in Asia. In doing so, the
Read more »