RICHMOND, Va. — A wire service reports that CSX Corp., operator of the biggest rail network in the eastern United States, on Thursday said second-quarter profit rose sharply, boosted by cheap fuel, cost-cutting and an improving economy.
The Richmond, Virginia-based company said net income was $135 million, or 63 cents a share, up from $108 million, or 51 cents a share, a year earlier.
Wall Street had expected the company, which also runs a maritime cargo business, to earn between 55 cents and 63 cents a share, with a consensus forecast of 58 cents, according to 10 analysts surveyed by Thomson First Call.
CSX closed on Wednesday at $32.36, up 65 cents, or 2 percent. CSX has lagged other railroad stock so far in 2002, losing about 10 percent while the Dow Jones Railroads index has declined about 7 percent.