(The Associated Press circulated the following on July 13, 2009.)
JACKSONVILLE, Fla. — The railroad operator CSX said Monday that second-quarter earnings fell 20 percent as it collected fewer fuel surcharges and shipments continued to drop.
The results still topped Wall Street’s expectations, as the company reduced expenses by 27 percent.
The company, which is based in Jacksonville, Fla., said it earned $308 million, or 78 cents a share, compared with $385 million, or 93 cents a share, in the year-ago quarter.
Excluding charges related to the money-losing Greenbrier resort that the company sold, earnings from continuing operations were 72 cents a share versus 95 cents a share last year.
Revenue fell 25 percent, to $2.19 billion.
Analysts expected profit of 62 cents a share on revenue of $2.27 billion, according to Thomson Reuters.
CSX’s shipping volume fell 21 percent in the period, compared with a 22 percent drop industrywide. Railroad shipping volumes are viewed as a critical economic indicator because so many consumer and manufactured goods are moved on the tracks.
“While the economy continues to significantly impact our business, there are some signs that we may be seeing the bottom in many markets,” said Michael Ward, CSX’s chief executive.