CSX moves into quarterly decline as revenue falls 1pc to US$3.06 billion
US CLASS I railway CSX Corporation (CSX) suffered an 0
US CLASS I railway CSX Corporation (CSX) suffered an 0.79 per cent year-on-year decline in net profit to US$870 million, drawn on revenues of $3.06 billion, down one per cent.
'I am extremely proud of our dedicated CSX employees for once again achieving new record levels of efficiency this quarter, while also driving a significant improvement in safety,' said CSX president and CEO James Foote.
'These results reflect the strength of our operating model, and combined with continued improvements in our best-in-class customer service, represent significant progress toward our goal of being the best run railroad in North America.'
Merchandise growth was offset by Intermodal weakness, said the company statement. Expenses decreased three per cent year on year to $1.76 billion, driven by continued efficiency gains and volume-related savings.
This combination yielded operating income growth of two per cent for the quarter to $1.31 billion compared to $1.28 billion in the same period last year.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products.