CSX Shares Fall 5% On Weak Q2 Results

(RTTNews) - Shares of CSX Corp. (CSX) slipped 5% in extended session Tuesday after the railroad operator's second-quarter profit and revenues fell short of Wall Street estimates.

Jacksonville, Florida-based CSX's second-quarter dropped to $870 million or $1.08 per share from $877 million or $1.01 per share last year. On average, 23 analysts polled by Thomson Reuters estimated earnings of $1.10 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped 1 percent to $3.06 billion from last year's revenues of $3.10 billion. Analysts had a consensus revenue estimate of $3.14 billion for the quarter.

Total volumes dropped 4 percent to 1.58 million units, while revenue per unit rose 3 percent to $1,936 from $1,885 last year.

CEO James Foote said, "These results reflect the strength of our operating model, and combined with continued improvements in our best-in-class customer service, represent significant progress toward our goal of being the best run railroad in North America."

CSX closed Tuesday's trading at $79.55, up $1.05 or 1.34%, on the NYSE. The stock, however, slipped $4.35 or 5.47% in the after-hours trade.