CSX says its revenue sunk marginally in Q1

CSX Corp (NASDAQ: CSX) is trending up in extended hours on Wednesday after reporting upbeat financial results for its first quarter.

Why is CSX stock up in after-hours?

The stock is in the green also because total volume came in at 1.53 million units that translates to up 3.0% versus a year ago.

That strength was related primarily to "intermodal" that climbed 7.0% in Q1. Joe Hinrichs – the chief executive of CSX Corp said in a press release today:

Executives of $CSX will discuss the earnings report on call that you can tune into here. Shares of the rail transportation company are now down roughly 10% versus their year-to-date high.

Notable figures in CSX Q1 earnings release

• Earned $893 million versus the year-ago $987 million
• Per-share earnings also narrowed from 48 cents to 46 cents
• Revenue inched down 1.0% year-over-year to $3.68 billion
• Consensus was 45 cents a share on $3.67 billion in revenue

CSX attributed the weakness in revenue to lower fuel surcharge, weaker trucking revenue, and lower export coal prices on Wednesday. According to CEO Hinrichs:

Earlier this week, $CSX that currently pays a dividend yield of 1.41% revealed its 1st hydrogen-powered locomotive.