By Ben Glickman

 

CSX's profit sank in the third quarter as the rail company saw lower volumes that weighed on results.

The Jacksonville, Fla.-based freight operator posted a profit of $846 million, or 42 cents a share, in the third quarter, compared with $1.11 billion, or 52 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 43 cents.

Revenue fell 8% to $3.57 billion, beating the $3.55 billion expected by analysts polled by FactSet.

Chief Executive Joe Hinrichs said that the company saw improving sequential trends in some of CSX's end markets.

The company's decline in revenue was also caused by lower fuel prices, intermodal storage revenue and export coal benchmark prices, CSX said.

 

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 19, 2023 16:26 ET (20:26 GMT)

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