By Allison Prang
CSX Corp. said profit more than doubled in the second quarter as revenue rose by a third and total expenses fell.
The railway company's net earnings were $1.17 billion. A year earlier, profit was $499 million. Earnings were 52 cents a share, up from 22 cents a share. According to FactSet, analysts were expecting 37 cents a share.
Revenue was $2.99 billion and rose by 33% year-over-year. Analysts were expecting $2.93 billion.
Expenses at the company fell 9% to $1.3 billion and interest expense was slightly lower than a year ago. CSX's income tax expense more than doubled from a year earlier.
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(END) Dow Jones Newswires