CSX Reports Lower 3Q Profits Weighed by Lower Coal, Intermodal Shipments

Date : 10/16/2019 @ 8:49PM
Source : Dow Jones News
Stock : CSX Corporation (CSX)
Quote : 71.02  0.0 (0.00%) @ 1:00PM

CSX Reports Lower 3Q Profits Weighed by Lower Coal, Intermodal Shipments

CSX (NASDAQ:CSX)
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2 Months : From Sep 2019 to Nov 2019

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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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