CSX 3Q Profit Sinks as Volumes, Fuel Prices Weigh on Results
20 October 2023 - 7:41AM
Dow Jones News
By Ben Glickman
CSX's profit sank in the third quarter as the rail company saw
lower volumes that weighed on results.
The Jacksonville, Fla.-based freight operator posted a profit of
$846 million, or 42 cents a share, in the third quarter, compared
with $1.11 billion, or 52 cents a share, a year earlier. Analysts
polled by FactSet expected per-share earnings of 43 cents.
Revenue fell 8% to $3.57 billion, beating the $3.55 billion
expected by analysts polled by FactSet.
Chief Executive Joe Hinrichs said that the company saw improving
sequential trends in some of CSX's end markets.
The company's decline in revenue was also caused by lower fuel
prices, intermodal storage revenue and export coal benchmark
prices, CSX said.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 19, 2023 16:26 ET (20:26 GMT)
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