(Source: Associated Press, April 17, 2024)
CSX dealt with weather challenges and the closure of the Baltimore port as the railroad saw its first-quarter profit slip 10%, but it still managed to keep most of its customers happy with reliable service. The railroad said on April 17 that it earned $893 million, or 46 cents per share, in the first three months of the year as it handled 3% more freight. That’s down from $987 million, or 48 cents per share, a year ago. CSX CEO Joe Hinrichs said the recent bridge collapse and port disaster in Baltimore will be felt in the railroad’s second-quarter revenue to the tune of a $25 million to $30 million a month hit until workers are able to clear the wreckage of the bridge so the port can reopen.
Full story: Associated Press