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.
Should I cancel my holiday to Dubai? As UAE is lashed by year
Israel vows 'appropriate response' if Iran attacks its territory
China's Q1 foreign trade surge signals economic upturn
China remains top merchandise exporter in 2023 for 7th straight year
Meet Donald Trump's glamorous right
GENERAL JACOB NAGEL: Why Israel's failure to strike back at Iran could lead to NUCLEAR WAR
China to enhance coordination with Arab League: Chinese FM
Democrats clear path to bring proposed repeal of Arizona’s near
Inside the lab where volunteers are paid £14,000 to lie upside down for 60 days NON
Garland defends Biden's mental fitness and says he has 'complete confidence' in him
German chancellor arrives in SW China