CSX profit drops 10% despite railroad delivering 3% more freight in first quarter
CSX dealt with weather challenges and the closure of the Baltimore port as the railroad saw its first-quarter profit slip 10%, but it still managed to keep most of its customers happy with reliable service.
The Jacksonville, Florida-based railroad said Wednesday that it earned $893 million, or 46 cents per share, in the first three months of the year as it handled 3% more freight. That’s down from $987 million, or 48 cents per share, a year ago.
The results were slightly better than Wall Street predicted. The analysts surveyed by FactSet Research expected CSX to report earnings per share of 45 cents.
CEO Joe Hinrichs said he was reminded again of one of the key lessons he’s learned in his first 18 months on the railroad: “There never really is an easy quarter.”
Hinrichs said he was pleased the railroad was able to deliver consistent customer service that helped it attract more business. He said many of the markets CSX serves are seeing “favorable trends” and more customers are willing to give the railroad more of their business because CSX has delivered better service consistently.
Related articles
The unstoppable duo of Emma Stone and Yorgos Lanthimos
CANNES, France (AP) — Before a journalist has even lobbed a question, Emma Stone and Yorgos Lanthimo2024-05-21Ditching the lift and taking the stairs can reduce your risk of dying by a QUARTER
It may be tempting to take the lift, but choosing the stairs really can help you live longer, resear2024-05-21Tornadoes in Nebraska and Iowa collapse buildings
OMAHA, Neb. (AP) — Tornadoes wreaked havoc Friday in the Midwest, causing a building to collapse wit2024-05-21Forget Mars, are there aliens on… K2
Astronomers could finally show that alien life does exist on a distant planet following observations2024-05-21- The 'real-life Martha' from Baby Reindeer bombarded Sir Keir Starmer with almost 300 emails, it has2024-05-21
Stark Chernobyl before and after images show how once
Shocking photos reveal the devastation left in Chernobyl following the nuclear catastrophe - transfo2024-05-21
atest comment