CSX 4Q Revenue Slips on Lower Fuel Surcharge, Coal Prices
January 24 2024 - 4:46PM
Dow Jones News
By Dean Seal
CSX's earnings and revenue were lower in the fourth quarter than
they were a year ago as lower fuel and coal prices more than offset
the freight railroad's higher volumes.
The Jacksonville, Fla.-based railroad that operates in much of
the Eastern U.S. posted a profit of $886 million, compared with
$1.02 billion in the same quarter a year ago.
Quarterly earnings were 45 cents a share, down from 49 cents a
share last year, but above analyst forecasts for 44 cents a share,
according to FactSet.
Revenue fell 1% to $3.68 billion. Analysts polled by FactSet had
been expecting $3.63 billion.
Total volume rose 1% during the quarter to 1.56 million units,
with 3% volume gains among merchandise and coal while intermodal
volume was flat.
The volume growth wasn't able to offset a drop in intermodal
storage revenue, lower fuel surcharge, declining trucking revenue
and the impact of lower global benchmark coal prices.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 24, 2024 16:31 ET (21:31 GMT)
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