2023-01-25 22:27:26

CSX Railroad Profit up 9% on Higher Fuel Surcharges, Rates

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U.S. News & World Report
By Associated Press

OMAHA, Neb. (AP) CSX railroad hauled in 9% more profit in the fourth quarter even though it carried less cargo because it received more money for fuel surcharges and higher shipping rates.

The Jacksonville, Florida-based railroad said Wednesday that it earned $1.02 billion, or 49 cents per share, in the quarter. That's up from $934 million, or 42 cents per share, the year before.

The results topped Wall Street expectations as the railroad continued to improve its operations. The 27 analysts surveyed by FactSet expected CSX to report earnings of 47 cents per share.

President and CEO Joe Hinrichs, who joined CSX in the middle of last fall's difficult contract fight with the rail unions, said the railroad "made great progress this quarter, delivering strong earnings as our network performance continued to gain momentum.

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