CSX’s Net Income Falls 10%
CSX Corp.'s net income fell 10% to $455 million, or 48 cents per share in the third quarter, hurt by declines of 8% in both volume and revenue.
Earnings in the prior year quarter were $ $507 million, or 52 cents. Revenue was $2.71 billion, and shipments totaled 1.57 million.
“CSX continues to drive strong cost performance and efficiency in this dynamic market environment while meeting or exceeding customer expectations,” CEO Michael Ward said in a statement. “Our financial results demonstrate CSX’s ability to deliver value for shareholders and customers in the current business climate as we position the company to maximize opportunities in 2017 and beyond.”
The largest decline in shipments was 21% in coal. Truck/rail shipments, which accounted for more than 40% of all CSX traffic, declined by 7% to 681,000 and revenue fell 6% to $425 million. Automotive shipments rose the most at 6%.
The company also reported that expenses declined 7% in the quarter, including $112 million related to improved efficiency and $53 million tied to the reduction in freight volume.
