CSX Corp. Reports 9% 4Q Revenue Increase
January 25 2023 - 4:50PM
Dow Jones News
By Emon Reiser
CSX Corp. on Wednesday reported better-than-expected profit in
its fourth quarter driven by a higher fuel surcharge, pricing
gains, and an increase in storage and other revenues.
The Jacksonville, Fla.-based freight-railroad operator reported
net income of $1.02 billion for the three months ended Dec. 31,
2022, compared with $934 million a year earlier. Analysts polled by
FactSet expected $995 million.
Earnings were 49 cents a share, compared with 42 cents a share
last year. Analysts expected 47 cents a share.
Revenue came in at $3.73 billion, compared with $3.42 billion in
the year-ago quarter. Analysts expected $3.73 billion, according to
FactSet.
The company said severe winter weather in late December modestly
reduced volumes and revenue for the quarter.
Railroads continue to face disruptions tied to having a shortage
of workers. Some freight railroad operators, such as Union Pacific
and CSX Corp., said they have made progress on hiring and service
levels since this past spring.
Write to Emon Reiser at Emon.Reiser@WSJ.com
(END) Dow Jones Newswires
January 25, 2023 16:35 ET (21:35 GMT)
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