CSX profit drops 10% despite railroad delivering 3% more freight in first quarter
Time:2024-05-17 20:27:17 Source:styleViews(143)
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.
You may also like
- Texas governor pardons ex
- Local elections 2024: Full results show which parties won in YOUR area
- Alec Bohm, Brandon Marsh lead surging Phillies to 4
- Twins stretch win streak to 11 with 5
- The number of child migrants arriving in an Italian city has more than doubled, a report says
- Dua Lipa's 'Radical Optimism' review: Controlled but catchy dance pop
- Court appearance for country star Morgan Wallen in chair
- South Carolina court orders ACC to provide Clemson with ESPN agreements
- Angie Harmon sue Instacart, former shopper who shot and killed her dog