CSX Q4 Earnings Top On Low Costs, Stock Down On Revenue Miss
Zacks Investment Research | Jan 17, 2020 06:34AM ET
CSX Corporation (NASDAQ:CSX) reported fourth-quarter 2019 earnings of 99 cents per share, beating the Zacks Consensus Estimate of 97 cents. However, the bottom line slipped approximately 2% year over year due to lower revenues.
Meanwhile, total revenues of $2,885 million lagged the Zacks Consensus Estimate of $2,918.2 million and also decreased 8.2% year over year. The top line was affected by lower volumes and coal market adversities. The revenue miss perhaps disappointed investors. Consequently, the stock dipped more than 3% in after-hours trading on Jan 16.
Fourth-quarter operating income was down 8% year over year to $1.15 billion. Operating ratio (operating expenses as a percentage of revenues) improved to 60% from 60.3% in the prior-year quarter with total expenses declining 9% from the year-ago period. Costs reduced primarily due to increased efficiency and volume-related savings.
CSX Corporation Price, Consensus and EPS Surprise
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