CSX profit falls as coal, automotive declines weigh on results

by TheTradesLessTaken
imageStock Markets12 hours ago (Apr 22, 2020 04:45PM ET)

(C) Reuters. A CSX coal train moves past an idling CSX engine at the switchyard in Brunswick, Maryland

LOS ANGELES (Reuters) – U.S. railroad operator CSX Corp (O:CSX) on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns because of the COVID-19 pandemic weigh on the U.S. economy.

The company, considered one of the most efficient U.S. railroads, also said profit fell less than expected in the latest quarter as cost controls helped offset revenue declines from shipments of coal, cars and other products.

Net income was $770 million, or $1.00 per share, for the first quarter, down from $834 million, or $1.02 per share, a year earlier. Analysts had expected a 94-cent per-share profit in the latest quarter, according to Refinitiv IBES data.

Revenue for the first quarter fell 5% to $2.86 billion.

CSX profit falls as coal, automotive declines weigh on results

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Posts

Leave a Comment

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!