(Reuters circulated the following on January 21, 2009.)
CHICAGO — U.S. railroad CSX Corp (CSX.N) said on Wednesday that it still expects to raise prices to haul freight in 2009 by between 5 percent and 6 percent, despite the ongoing economic downturn.
Speaking on a conference call with analysts, officials said 80 percent of contracts with customers have already been agreed for 2009.
As freight volumes have declined, the railroad has idled 400 locomotives since October and now has 1,100 employees on furlough. CSX officials said the revenue outlook is favorable for agricultural products in the first quarter, but is unfavorable for most other goods that it hauls, including automotive, chemicals and metals.