CSX Posts Lower 2Q Profit on Increased Expenses
By Connor Hart
CSX posted lower profit in the second quarter, as higher expenses offset increased volumes.
The Jacksonville, Fla.-based railroad that operates in much of the Eastern U.S. on Monday posted a profit of $963 million, down from $984 million in the same period a year ago.
Earnings per share came in at 49 cents, flat from last year's quarter. Analysts polled by Fact Set expected 48 cents a share.
Revenue was flat year-over-year at $3.7 billion and in-line with analysts' forecasts, according to FactSet.
Total volume increased 2% to 1.58 million units. Intermodal volume rose 5% on higher imports through East Coast ports and inventory replenishments, while coal volume fell 3% on lower shipments.
Expenses increased 1% to $2.3 billion, primarily driven by higher headcount and inflation.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
August 05, 2024 16:52 ET (20:52 GMT)
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