CSX Shares Plunge After Company’s EPS Misses Q4 Earnings
Shares of CSX Corp. plummeted nearly 4% late Tuesday after the No. 3 U.S. railroad reported fourth-quarter earnings that missed expectations.
The Jacksonville, Florida-based company said it earned $458 million, or 49 cents a share, in the quarter, compared with $466 million, or 48 cents a share one year ago. CSX reported fourth-quarter sales of $3.04 billion, beating $2.78 billion in the year-ago period. However, analysts forecast the company’s adjusted earnings of 50 cents a share on sales of $2.88 billion.
Coupled with low commodity prices and strength in the U.S. dollar in 2016, higher costs for labor, materials and fuel were also headwinds that caused CSX’s profit to dip compared with a year earlier.
Sell Stop at 36.58, Take profit 35.50, Stop loss at 37.00