CSX reported its second-quarter earnings forecasts after the bell Wednesday.
The rail-based freight transportation company's adjusted earnings for the quarter came in at 40 cents a share, compared to the 37 cents a share expected by analysts polled by FactSet.
Earnings experienced tailwinds of +12 cents a share from the sale of property rights in line segments to the Commonwealth of Virginia for passenger rail operations.
Revenue grew +33% year-over-year to $2.99 billion in the quarter, on the back of growth across all lines of business. It is also higher than analysts' estimate of $2.928 billion. The company experienced a -9% year over year decrease in expenses, while its operating income improved to $1.69 billion for the quarter.
In June, CSX announced that its board had approved a 3-for-1 stock split to be given out to shareholders as a stock dividend.