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CSX Profit Falls 20% in Second Quarter
Freight railroad CSX Corp. said its second-quarter profit fell 20% as fuel surcharges and shipments dropped.
CSX said late Monday it earned $308 million, or 78 cents per share, down compared with $385 million, or 93 cents, a year ago. Revenue fell 25% to $2.19 million.
The railroad cut its expenses by 27% in the quarter, the Associated Press reported.
Shipping volume fell 21%, while the industry as a whole lost 22% in volume, AP reported.
