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Stock impact report

UPDATE 2-CSX profit falls as coal, automotive declines weigh on results [Reuters]

CSX Corporation (CSX) 
Last csx corporation earnings: 4/22 04:02 pm Check Earnings Report
Company Research Source: Reuters
CSX profit falls as coal, automotive declines weigh on results LOS ANGELES (Reuters) - U.S. railroad operator CSX Corp ( CSX.O ) on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns because of the COVID-19 pandemic weigh on the U.S. economy. The company, considered one of the most efficient U.S. railroads, also said profit fell less than expected in the latest quarter as cost controls helped offset revenue declines from shipments of products like coal, automobiles and fertilizer. First-quarter net income declined almost 9% to $770 million, or $1.00 per share. Analysts expected a 94-cent per-share profit for the quarter, according to Refinitiv IBES data. Revenue for the first quarter fell 5% to $2.86 billion. COVID-19 lockdowns are taking a toll on railroad volumes in the United States and Canada, Bernstein analyst David Vernon said in a client note. “The U.S. is marginally worse off, with a material deceleration in merchandis Show less Read more
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