RICHMOND, Va. — Railway group CSX Corp. on Monday said its first-quarter profits rose sharply from early 2001, with help from cost-cutting, a wire service reported.
CSX, operator of the biggest rail network in the eastern United States, said profits rose to 32 cents a share before a charge from 10 cents a share a year earlier.
Analysts had expected earnings of 28 cents to 33 cents a share, with a consensus forecast of 30 cents, according to a survey of nine analysts by Thomson Financial/First Call.
Revenues were $1.96 billion, down from $2.03 billion, the Richmond, Virginia, company said in a news release.
CSX shares closed on Friday at $36.71, up 11 cents. CSX and other railroads have given up in recent weeks some of the strong gains driven by hopes of a rebound in the U.S. economy. CSX shares are up about 13 percent over the last six months, or more than twice the gains of the Dow Jones U.S. Total Market Index.