CSX railroad profit up 9% on higher fuel surcharges, rates
CSX railroad says it hauled in 9% more fourth-quarter profit even though it carried less cargo because it received more money for fuel surcharges and higher shipping rates
OMAHA, Neb. (AP) — CSX hauled in 9% more profit in the fourth quarter as the railroad hauled less cargo but charged higher shipping rates and tacked on more fuel surcharges.
The Jacksonville, Florida-based railroad said Wednesday that it earned $1.02 billion, or 49 cents per share, last quarter. That's up from $934 million, or 42 cents per share, the year before.
That topped the 47 cents per share that the 27 Wall Street analysts surveyed by FactSet expected.
President and CEO Joe Hinrichs, who joined CSX in the middle of last fall's difficult contract fight with 12 rail unions, said he's “really proud of the progress we've made. We're now at levels we haven't seen in quite some time. We need to deliver that consistently throughout the year and that's a really big focus of ours.”
