RICHMOND, Va. — CSX Corp. said its third quarter profit rose 27 percent, boosted by real estate gains and lower interest costs despite declines in its rail and other transportation operations, reported the Associated Press.
The Richmond-based company said profit was $127 million, or 60 cents a share, compared with $100 million, or 47 cents a share, in the same quarter last year.
Analysts surveyed by Thomson First Call expected CSX to earn 55 cents per share.
Revenue rose to $2.1 billion from $2.0 billion a year earlier.
CSX, which operates the largest rail network in the eastern United States, said business was slowed by weak demand for coal and higher costs.
“The rail group’s performance in the third quarter marked a departure from the consistent year-to-year gains we have been seeing for the past two years,” said chairman and chief executive officer John W. Snow. “We are confident that the problems we saw in the third quarter are now well behind us and look forward to delivering much stronger fourth-quarter results.”
For the first nine months of 2002, CSX earned $287 million, or 30 cents per share, compared with $228 million, or 70 cents per share, in 2001.
Shares of CSX fell 44 cents to close Thursday at $27.55 on the New York Stock Exchange.