OMAHA, Neb. (AP) — CSX Corp. reported a nearly 20 percent drop in second-quarter profit as freight volume slowed 9 percent, but the railroad beat expectations by cutting expenses and raises rates where it could.
The Jacksonville, Florida-based railroad said Wednesday it earned $445 million, or 47 cents per share, in the quarter. That's down from $553 million, or 56 cents per share, a year ago.
Analysts surveyed by FactSet expected CSX to earn 44 cents per share on $2.68 billion in revenue.
Revenue declined 12 percent from last year because of the volume decline. Coal shipments fell 30 percent, extending its prolonged decline.
CSX reiterated that the railroad expects its earnings and total volume to decline in 2016.
CSX operates over 21,000 miles of track in 23 Eastern states and two Canadian provinces.