CSX Plans More Cuts in Response to Slower Freight Vol

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Source:   —  April 13, 2016, at 8:10 PM

Executives at the Jacksonville, Florida, based railroad discussed their outlook Wednesday — one day after reporting a nineteen % drop in first quarter profit.

CSX railroad plans to continue cutting costs this year to deal with slowing freight vol and declining profits.

Executives at the Jacksonville, Florida, based railroad discussed their outlook Wednesday — one day after reporting a nineteen % drop in first quarter profit.

CSX says it reduced expenses by about $270 million in the quarter, and plans extra cuts through the year.

CSX said coal demand remains anemic, and it expects to haul roughly twenty-five % less coal this year. The powerful U. S. dollar and feeble product prices are hurting other shipments.

But the railroad still expects the economy to continue growing slowly.

CSX Corp. earned $356 million, or thirty-seven cents per share, on $2.62 billion income in the first quarter.

Its shares rose almost four % in morning trading Wednesday.

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