Why CSX Stock Is Moving Higher After Hours

CSX Corp CSX shares are trading higher in Thursday's after-hours session after the company reported strong first-quarter results.

What Happened: CSX said first-quarter revenue increased 9% year-over-year to $3.71 billion, which beat average analyst estimates of $3.58 billion, according to Benzinga Pro. Volume growth in merchandise and coal, higher fuel surcharges and pricing gains drove the company's strong top-line results.

The railroad company reported quarterly earnings of 48 cents per share, which beat estimates of 43 cents per share.

"CSX had an encouraging start to the year as the efforts of our dedicated railroaders resulted in strong earnings growth," said Joe Hinrichs, president and CEO of CSX.

"Our ONE CSX initiatives are driving positive engagement among our employees and customers, which is lifting our service performance and providing us with exciting opportunities to win business and move more freight."

CSX will hold a conference call to discuss these results at 4:30 p.m. ET.

See Also: Why Ford and General Motors Shares Are Moving Down Today

CSX Price Action: CSX has a 52-week high of $38.15 and a 52-week low of $25.81.

The stock was up 2.86% after hours at $31.69, according to Benzinga Pro.

Photo: Michael Gaida from Pixabay.