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CSX Net Profit Down by 8% in Q3 2019

Coal News - Published on Fri, 18 Oct 2019

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CSX Corp said that profit fell in the fiscal Q3 due to a decline in revenue, particularly from a double-digit drop in sales from its coal and consumer-shipping businesses. It net income of USD 856 million or USD 1.08 a share down from USD 894 million or USD 1.05 a share, a year earlier. Analysts surveyed by FactSet expected USD 1.01 a share. Revenue fell 4.8% from a year earlier to USD 2.98 billion and was in line with analysts' expectations. Sales from coal shipments fell 12% and sales from its intermodal business, which ships consumer goods, fell 10.6%.

Expenses fell roughly 8% compared with last year to USD 1.69 billion, driven by cost-cutting efforts and volume-related savings.

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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