|CSX reported its third-quarter earnings|
NEW YORK ( TheStreet) -- CSX ( CSX) met Wall Street's profit expectations and revenue jumped 11% year-over-year on Tuesday as the value of freight rail transportation and fuel recoveries offset higher costs. The Jacksonville, Fla.-based company posted earnings of $464 million, or 43 cents a share, for the three months ended Sept. 30 with revenue totaling $2.96 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 43 cents a share on revenue of $2.95 Billion in the third quarter of 2011.
The company will release details of its earnings report and hold its conference call on Wednesday morning. "Even as the economy moderated, CSX delivered strong financial results while investing in additional resources to strengthen customer service," said Michael Ward, the company's chief executive, in a statement. Looking forward, CSX reaffirmed its target of a 65% operating ratio by no later than 2015. Shares of CSX closed at $21.33, up 94 cents, or 4.6% on Tuesday, but slipped 2% in late trades to $20.87 on volume of more than 150,000, according to Nasdaq.com. Two of CSX's competitors are slated to report third-quarter results later this week with Union Pacific ( UNP) due on Thursday and Kansas City Southern ( KSU) expected before Friday's opening bell. -- Written by Joe Deaux in New York. >To contact the writer, click here: Joe Deaux. >To follow the writer on Twitter, go to: http://twitter.com/JoeDeaux. >To submit a news tip, send an email to: firstname.lastname@example.org