(The Associated Press distributed the following article on October 24.)
JACKSONVILLE, Fla. — Railroad operator CSX Corp. swung to a third-quarter loss amid hefty charges and an 8.4 percent drop in revenue.
CSX reported a net loss of $103 million, or 48 cents a share, compared with net income of $127 million, or 60 cents a share, a year earlier.
The latest results, released Wednesday after the financial markets closed, included a $145 million charge, or 68 cents a share, from a change in the company’s estimate for injury liabilities as well as a charge of $67 million, or 31 cents a share, for settlement of disputes related to the 1999 sale of the company’s international container-shipping assets.
Excluding items, Jacksonville-based CSX said it earned $109 million, or 51 cents a share, compared with $127 million, or 60 cents a share, a year earlier.
The mean estimate of analysts surveyed by Thomson First Call was for earnings, excluding items, of 53 cents a share.
Revenue fell to $1.88 billion from $2.06 billion a year earlier.
Revenue from the company’s surface-transportation business, which includes CSX’s rail and intermodal units, rose about 2 percent to $1.82 billion,
Shares of CSX closed Thursday at $29.58, up 16 cents, or 0.5 percent, on the New York Stock Exchange.