CSX 2Q profit more than doubled as railroad hauled 27% more

CSX 2Q profit more than doubled as railroad hauled 27% more

CSX 2Q profit more than doubled as railroad hauled 27% more

CSX railroad’s second-quarter profit more than doubled as the economy continued to rebound from the depths of the coronavirus pandemic

The adjusted results of 40 cents a share topped the average estimate of six analysts surveyed by Zacks Investment Research for adjusted earnings of 37 cents per share.

The number of shipments CSX delivered jumped in every category of freight compared to a year ago, when the economy slowed to a crawl because of restrictions related to the pandemic.

The freight railroad said revenue grew 33% to $2.99 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.97 billion.

CSX shares gained 3% in after-hours trading Wednesday following the release of the earnings report.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSX at https://www.zacks.com/ap/CSX