CSX 3Q railroad profit jumps 32% as volume grows 3%
ABC News
CSX delivered a 32% jump in third-quarter profit as the volume of goods it hauled rose even beyond last fall’s strong level
OMAHA, Neb. -- CSX delivered a 32% jump in third-quarter profit as the volume of goods it hauled increased even beyond last fall’s strong level.
The Jacksonville, Florida-based railroad said Wednesday that it made $968 million, or 43 cents per share, in the quarter. That’s up from $736 million, or 32 cents per share, a year ago.
Shipping volume was up 3% overall across CSX’s network. That came despite a 26% drop in automotive shipments as that industry struggles to maintain production because of the ongoing chip shortages. Agricultural shipments also slipped 5% but every other category of shipments was up in the quarter.
CSX's profits topped the 38 cents per share that the analysts surveyed by FactSet predicted.
