{"id":4124,"date":"2023-10-22T03:00:03","date_gmt":"2023-10-22T03:00:03","guid":{"rendered":"https:\/\/zoominfinancial.com\/markets\/stocks\/csx-corp-profit-misses-wall-street-estimates-on-weak-freight-volumes\/"},"modified":"2023-10-22T03:00:04","modified_gmt":"2023-10-22T03:00:04","slug":"csx-corp-profit-misses-wall-street-estimates-on-weak-freight-volumes","status":"publish","type":"post","link":"https:\/\/zoominfinancial.com\/?p=4124","title":{"rendered":"CSX Corp profit misses Wall Street estimates on weak freight volumes"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A CSX freight train blasts through high snow at a crossing in Silver Spring, Maryland, February 13, 2014. REUTERS\/Gary Cameron <\/span>
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(Reuters) – U.S. railroad operator CSX Corp (NASDAQ:) on Thursday missed Wall Street estimates for third-quarter profit, as a decline in intermodal freight volumes more than offset pricing gains.<\/p>\n

Inflationary pressures and higher borrowing costs have reduced consumer demand for goods, at a time when companies are still destocking inventories built up during the pandemic.<\/p>\n

This has driven down freight volume hauled by rail, particularly in the intermodal segment, which involves shipping goods via two or more modes of transportation. <\/p>\n

In addition to weak freight volumes, normalizing export coal benchmark prices from last year’s record highs also hit the railroad operator’s revenue for the quarter even as volumes grew year-on-year. <\/p>\n

Revenue fell about 8% to $3.57 billion in the quarter ended Sept. 30. However, it came ahead of analysts’ estimates of $3.55 billion, according to LSEG data. <\/p>\n

CSX’s operating ratio, a key profitability metric for railroads, was 63.8% in the reported quarter, up from 59.5% a year ago. <\/p>\n

The company, which mainly operates in the eastern United States, posted net earnings of $846 million, or 42 cents per share, compared to $1.11 billion, or 52 cents per share, in the year ago period.<\/p>\n

Analysts, on average, had expected earnings of 43 cents per share. <\/p>\n

Union Pacific <\/span><\/span> Corp (NYSE:), earlier on Thursday, posted a smaller-than-expected drop in earnings per share to $2.51. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A CSX freight train blasts through high snow at a crossing in Silver Spring, Maryland, February 13, 2014….<\/p>\n","protected":false},"author":1,"featured_media":4125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-4124","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nCSX Corp profit misses Wall Street estimates on weak freight volumes | ZoomInFinancial<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A CSX freight train blasts through high snow at a crossing in Silver Spring, Maryland, February 13, 2014. 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