CSX 2Q Revenue, Earnings Decline As Intermodal Activity, Staffing Challenges Persist
July 20 2023 - 4:46PM
Dow Jones News
By Denny Jacob
CSX Corp. on Thursday recorded a decline in top and bottom line
results against a backdrop of challenges including long-running
staffing shortages and intermodal activity.
The Jacksonville, Fla.-based railroad, which operates in much of
the Eastern U.S., posted earnings of $996 million, or 49 cents a
share, for the second quarter ended June 30, down 15% from $1.18
billion, or 54 cents a share, a year earlier. Analysts polled by
FactSet expected earnings of 50 cents a share.
Revenue declined 3% to $3.7 billion from $3.82 billion. Analysts
polled by FactSet expected $3.73 billion.
CSX said the decline in revenue was primarily due to lower fuel
recovery, pricing declines in export coal and lower intermodal
volume, among other reasons.
CSX and other major U.S. freight railroads have recently reached
agreements with unions representing employees such as track workers
and machinists to pay for at least four days of sick leave a year
against the backdrop of labor challenges that nearly resulted in a
nationwide strike last year. CSX, Union Pacific and Norfolk
Southern have also signed agreements with unions to offer train
crews more predictable rest schedules.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 20, 2023 16:31 ET (20:31 GMT)
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