Profit leaps at CSX but '08 outlook moderates

CSX Corp. is now targeting the low end of its 2008 forecast of $3.65 to $3.75 per share, citing economic conditions.

By SAMANTHA BOMKAMP
The Associated Press

10/14/2008

NEW YORK —CSX says third-quarter earnings jumped 29 percent, beating Wall Street's expectations, but the freight railroad operator says it's now more cautious about its outlook for full-year earnings.

The Jacksonville, Florida-based company earned $382 million in the third quarter, or 94 cents per share, compared with $297 million, or 67 cents per share, in the same period a year ago.

Revenue rose 18 percent to nearly $3 billion. Nine out of 10 commodity segments grew from last year, led by coal, grain, ethanol and metals.

Thomson Reuters says analysts were expecting 93 cents per share on revenue of $2.91 billion.

CSX Corp. is now targeting the low end of its 2008 forecast of $3.65 to $3.75 per share, citing economic conditions.