NEW YORK (
) -- Shares of
dipped in late trades after the Jacksonville, Fla.-based railroad operator missed Wall Street expectations with its latest quarterly results and announced a management shake-up.
The company said it earned $457 million, or 43 cents a share, in the three months ended Dec. 31 on revenue of $2.95 billion. The average estimate of analysts polled by
was for a profit of 44 cents a share in the quarter on revenue of $2.99 billion.
CSX reported its third-quarter earnings
"CSX once again delivered record earnings per share while investing in resources to support high customer service levels and growth in the near- and long-term," CEO Michael Ward said in a statement.
year-earlier fourth-quarter, CSX earned $430 million, or 38 cents a share on revenue of $2.82 billion.
The company also said it's named Oscar Munoz, previously its CFO, to the chief operating officer post, replacing David Brown, who is no longer with the company. Fredrik Eliasson was named chief financial officer and executive vice president. Eliasson has been with the company for 16 years, CSX said, and his most recent position was vice president of sales and marketing for the company's chemicals and fertilizer business.
The stock last changed hands at $22.24, down 2%, on volume of nearly 300,000, according to
. The shares are up 1.1% over the past year, ranging as high as $27.06 on July 7 and as low as $17.69 on Sept. 22 during that period.
-- Written by Joe Deaux in New York.
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