OMAHA, Neb.
CSX said Thursday that it earned $996 million, or 49 cents per share, in the second quarter. That’s down 15% from last year when the Jacksonville, Florida-based railroad’s results were helped by a $122 million land sale. Last year, CSX reported earnings of $1.18 billion, or 54 cents per share.
That was in line with the expectations of FactSet Research analysts.
The total number of CSX shipments delivered slipped 3% in the quarter as it handled 10% fewer shipping containers. But the 21 percent jump in car deliveries gave a meaningful boost to rail.
CSX’s revenue fell 3% to $3.7 billion as lower diesel prices resulted in lower rail fuel charges. Revenue was below the $3.73 billion analysts had estimated.
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CEO Joe Hinrichs said rail operations continued to improve in the quarter, which is helping to attract new business. CSX trains were traveling at an average speed of 17.7 mph during the quarter — up from the 15.3 mph train speed reported last year.
CSX is one of the nation’s largest railroads, and operates over 20,000 miles (32,000 km) of track in 26 Eastern states and two Canadian provinces.
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