JACKSONVILLE, Fla. (AP) _ CSX Corp. (CSX) on Wednesday reported first-quarter profit of $770 million.
The Jacksonville, Florida-based company said it had net income of $1 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The freight railroad posted revenue of $2.86 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $2.88 billion.
CSX shares have decreased 16% since the beginning of the year, while the Standard & Poor’s 500 index has decreased 13%. In the final minutes of trading on Wednesday, shares hit $60.69, a decrease of 23% in the last 12 months.
This story was 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
The Associated Press