CSX Says 1Q Sales Decline 5% on Weaker Coal Shipments

   By Micah Maidenberg 
 

CSX Corp. said first-quarter revenue fell, a decline tied to in part to weaker shipments of coal.

The railroad on Wednesday said it generated revenue of $2.86 billion for the quarter, down 5% compared with the year earlier. Analysts expected $2.87 billion in sales.

"Growth in merchandise revenue was more than offset by declines in coal and other revenue," the company said.

CSX reported a profit of $770 million, or $1 per share, compared with $834 million, or $1.02 a share a year ago.

The Jacksonville, Fla., company was expected to earn 95 cents a share for the quarter, or 94 cents a share following adjustments, according to data compiled by FactSet.

Expenses fell 7% year over year.

Rail traffic has fallen off as much of the economies in both countries remains shut down due to the pandemic. For the week that ended April 18, U.S. rail traffic was down more than 23% compared with the same period last year, the Association of American Railroads said.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

April 22, 2020 16:37 ET (20:37 GMT)

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