CSX Q3 Results Top Street’s Expectations; Shares Gain
Shares of CSX Corp. (CSX) gained 2.9% in Wednesday’s extended trade after the company delivered better-than-expected third-quarter 2021 results. The company provides rail-based freight transportation services, including traditional rail services and transportation of intermodal containers and trailers.
The company reported earnings of $0.43 per share, up 34.4% year-over-year. Also, the figure surpassed the Street estimates of $0.40 per share. (See CSX stock chart on TipRanks)
Revenues rose 24% to $3.29 billion and surpassed analysts’ expectations of $3.15 billion. The upside was driven by growth across all business lines, increases in other revenue, and the addition of Quality Carriers’ results.
Demand for both domestic and export coal volume increased during the quarter, which resulted in a 16% rise in revenue from coal shipments.
The President and CEO of CSX, James M. Foote, said, “We are committed to helping our customers overcome current supply chain constraints and will continue to take action in order to keep our network fluid and design new solutions that enable the delivery of critical goods to millions of Americans.”
On October 20, Robert W. Baird analyst Garrett Holland assigned a Buy rating on CSX with a price target of $38 (upside potential of 10.3% from current level).
Overall, the stock has a Moderate Buy consensus based on 10 Buys and 4 Holds and 1 Sell. The average CSX price target of $36.47 implies 5.8% upside potential. (See Analysts’ Top Stocks on TipRanks)
According to TipRanks’ Smart Score rating system, CSX scores a “Perfect 10,” which indicates that the stock is likely to outperform market averages.
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