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CSX 4Q profit up 25 per cent, railroad gets tax-cut boost [Business News Network (BNN) Energy & Resources (Canada)]

CSX (CSX)  More Company Research Source: Business News Network
Last csx earnings: 4/17 04:02 pm Check Earnings Report
US:NYSE Investor Relations: csx.com/index.cfm/investors/news-releases
PDF CSX 4Q profit up 25 per cent, railroad gets tax-cut boost CSX Corp. reported Tuesday that its fourth-quarter profit grew 25 per cent as it further cut expenses, and on top of it the railroad booked a US$3.6 billion benefit from the corporate tax cut Congress approved last year. The Jacksonville, Florida-based railroad said Tuesday that if the tax cut benefit is included, it posted a US$4.14 billion profit, or US$4.62 per share. That's up from US$458 million, or 49 cents per share, a year ago. Without the tax cut gain and a US$10 million restructuring charge, CSX would have earned US$573 million, or 64 cents per share. That topped the 56 cents per share expected by the nine analysts surveyed by Zacks Investment Research. The freight railroad's revenue declined 6 per cent to US$2.86 billion in the period as CSX hauled 1 per cent fewer carloads of freight. Six analysts surveyed by Zacks expected US$2.88 billion. But the railroad reduced its expenses by 14 per cent to US$1.7 billion. Tues [Read more]

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