Nucor earnings beat by $0.08, revenue fell short of estimates
By Yasin Ebrahim
Investing.com - CSX (NASDAQ:CSX) said it would buy back another $5 billion worth of stock after reporting Wednesday mixed third-quarter mixed results as earnings beat, but revenue fell short on declines in coal and merchandise volumes.
CSX shares gained 3.8% in after-hours trade following the report.
CSX announced earnings per share of 96 cents on revenue of $2.65 billion. Analysts polled by Investing.com anticipated EPS of 92 cents on revenue of $2.67 billion.
Revenue fell 11% for the quarter was down as intermodal volume growth was more than offset by declines in coal and merchandise volumes as well as lower fuel surcharge revenue, the company said.
Expenses decreased 11% year over year to $1.51 billion, driven by "continued efficiency gains and volume-related reductions," it added.
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