CSX Reports Lower 3Q Profits Weighed by Lower Coal, Intermodal Shipments
October 16 2019 - 4:49PM
Dow Jones News
By Kimberly Chin
CSX Corp. (CSX) said profit fell in the fiscal third quarter due
to a decline in revenue, particularly from a double-digit drop in
sales from its coal and consumer-shipping businesses.
Jacksonville, Fla.-based CSX reported net income of $856
million, or $1.08 a share, down from $894 million, or $1.05 a
share, a year earlier. Analysts surveyed by FactSet expected $1.01
a share.
Revenue fell 4.8% from a year earlier to $2.98 billion, and was
in line with analysts' expectations. Sales from coal shipments fell
12% and sales from its intermodal business, which ships consumer
goods, fell 10.6%.
Expenses fell roughly 8% compared with last year to $1.69
billion, driven by cost-cutting efforts and volume-related
savings.
Railroads in the U.S. have been grappling with fallout from
trade tensions between the U.S. and China as well as weakening in
parts of the industrial economy.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 16, 2019 16:34 ET (20:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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