CSX profits jump after cutting costs
CSX Corp. delivered a 72 percent jump in its second-quarter profit as the railroad continues to cut its expenses and improve operations.
The Jacksonville, Florida-based company said Tuesday that it earned $877 million, or $1.01 per share in the quarter. That’s up significantly from last year’s $510 million, or 55 cents per share, when an $81 million restructuring charge limited profit.
The results from the latest quarter handily exceeded the 86 cents per share expected by analysts surveyed by Zacks Investment Research. Shares in CSX were up about 3 percent in after-hours trading following the report.
CSX is more than a year into an operational overhaul that began under previous CEO Hunter Harrison, who died in December. His successor, Jim Foote, is continuing to implement the plan to allow CSX to handle more volume with fewer locomotives and employees by operating on a tighter schedule.