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(Reuters) – U.S. railroad operator CSX (NASDAQ:) narrowly beat second-quarter revenue estimates on Monday, helped by larger cargo volumes and strong pricing, sending its shares up 5% after the bell.
Enhancing intermodal volumes, or items moved by way of two or extra modes of transport, have helped railroads squeeze out earnings together with higher-than-inflation pricing, at the same time as the general freight business continues to face a downturn.
CSX’s income from intermodal shipments was $506 million within the reported quarter, 3% larger than a yr in the past.
The Jacksonville, Florida-based firm reported income of $3.7 billion within the second quarter, in step with analysts’ estimates.
It reported a revenue of 49 cents per share, above analysts’ estimate of 48 cents per share, in keeping with LSEG information.
Its working margin was 39.1% for the quarter, down 50 foundation factors from a yr earlier.
CSX’s east-coast competitor Norfolk Southern (NYSE:) additionally reported second-quarter revenue above estimates final month, helped by larger pricing.
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