CSX Corporation (NYSE:CSX) stock spiked in Wednesday’s late-afternoon trading after the railway operator accidentally released its second-quarter earnings report early, sending CSX stock to new 2016 highs.
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CSX Corp.’s second-quarter profit beat analysts’ estimates as cost cuts helped ease the blow of rail freight declines.
The Jacksonville, FL-based company reported adjusted earnings of 47 cents per share, beating analysts’ estimates of 44 cents per share.
Analysts had expected the company to earn $0.44 per share, according figures compiled by Thomson Reuters. The decline was driven by a 9% decrease in volume that weighed on almost all markets, including more than a 30% drop in its coal segment, according to a company statement. That’s down from $553 million, or 56 cents per share, a year ago. Coal shipments fell 30 percent, extending its prolonged decline.
“Strong U.S. dollar, low commodity prices and energy market transition continue to challenge financial performance and are expected to impact full-year earnings”, CSX said in a statement.
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CSX operates over 21,000 miles of track in 23 Eastern states and two Canadian provinces.
