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CSX overcomes 'polar vortex' to top Wall Street's profit view


Added 04-16-19 07:03:01pm EST - “CSX Corp on Tuesday reported a quarterly profit that topped Wall Street's t...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “CSX overcomes 'polar vortex' to top Wall Street's profit view”. Below is an excerpt from the article.

LOS ANGELES (Reuters) - CSX Corp on Tuesday reported a quarterly profit that topped Wall Street’s target, after the No. 3 U.S. railroad operator pushed through price increases and contained labor and fuel costs by running fewer, but longer trains.

The results, which sent CSX shares up 4.1 percent to $79 in after-hours trading, come amid worries that severe winter weather took a bite out of U.S. transportation company profits at a time when the global economy is cooling. CSX is the largest railroad operator in Chicago, which was gripped by an Arctic “polar vortex” in January.

Efficiency efforts helped insulate results at CSX, as did geographic location. CSX serves the eastern third of the United States and the Canadian provinces of Ontario and Quebec, and was not exposed to the devastating Midwestern floods that disrupted rail service from Union Pacific Corp and BNSF Railway Co.

Trucking firm J.B. Hunt Transport Services Inc on Monday reported first-quarter profit that fell short of Wall Street’s target, and it pinned part of the blame on Chicago-area weather disruptions.

CSX’s first-quarter net income rose 20 percent to $834 million, or $1.02 per share. Analysts had expected a profit of 91 cents per share, according to Refinitiv IBES data.

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