CSX’s Third-Quarter Profit Drops 23%
CSX Corp.’s third-quarter earnings fell 23% from the same period last year but the railroad said the worst of the recession is over, the Associated Press reported.
Its quarterly profit fell to $293 million, or 74 cents per share, compared with $380 million, or 93 cents, last year. Revenue fell 23% to $2.29 billion, which CSX said was mainly due to a drop in fuel surcharges.
Shipping fell 15% in the quarter ended Sept. 30. The biggest drops were in coal, cars, construction and consumer goods, AP said.
The shipping decline was not as bad as the drop in the second quarter, CSX said.
CSX, which operates on the eastern United States and into Canada, is the U.S.’s third-largest railroad.
