Skip to main content

CSX announces fall in earnings on weak volumes

Published by
Dry Bulk,


US rail company CSX has announced 3Q16 earnings of US$455 million – down from US$507 million in 3Q15 on weaker volumes. Revenue was US$2.71 billion, down from US$2.94 billion a year ago.

The 8% fall in revenue matches an 8% fall in volume demand, including a 21% year-on-year fall in coal volumes.

This fall in volume was partially offset by a 7% improvement in expenses, however, driven by US$112 million in efficiency gains and US$53 million in volume-related cost reductions.

“CSX continues to drive strong cost performance and efficiency in this dynamic market environment,” said Chairman and CEO, Michael Ward.

The company’s cost-cutting – which has included laying off workers and mothballing railcars – helped the company beat analyst expectations. Analysts surveyed by Thomson Reuters expected revenue of US$2.69 billion.

Operating income fell 10% in the quarter to US$841 million, while, the operating ratio rose 70 basis points to 69%.

Read the article online at: https://www.drybulkmagazine.com/rail-barge/13102016/csx-announces-fall-in-earnings-on-weak-volumes/

You might also like

Kabel Schlepp

WEBINAR - Key criteria to ensure proper selection of a cable drag chain

In this webinar KabelSchlepp will review and discuss the items needed to ensure that a cable track is properly selected and sized for the user’s application. How diameters and weights of the fill package effect cable track selection and how the jacket material of the fill package influences the cable track design. Register for free today »

 

New Bedeschi project for Kima

The project is for the transportation of fresh urea from granulation to bagging silos or to urea bulk storage.

 
 

Embed article link: (copy the HTML code below):