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Investing.com -- CSX shares dipped 1% after-hours Wednesday after the rail operator reported first quarter earnings and revenue results just shy of estimates.
The company’s revenue in the quarter dipped 7% from last year to $3.42 billion, missing the consensus of $3.51 billion. The railroad reported that decreases in coal revenue, fuel surcharges, and merchandise volume were only partially offset by increased merchandise pricing and growth in intermodal volume.
CSX (NASDAQ:CSX) reported EPS of $0.34 in the quarter, down from $0.45 last year, and below the consensus of $0.38. Operating income was $1.04 billion, versus $1.34 billion last year.
Total (EPA:TTEF) volume fell 1% from last year to 1.52 million units.
The company cited operational challenges for the miss.
“CSX faced operational challenges to start the year, which contributed to first quarter results that did not meet our expectations,” CEO Joe Hinrichs said following the results.
The executive added that the company is "taking targeted actions to address the network constraints posed by two major ongoing infrastructure projects, and we remain committed to safely and reliably serving our customers.”