CSX Corp. (NASDAQ: CSX), a rail-based freight transportation company, has reported lower revenues and net profit for the third quarter of 2023.
The company reported revenue of $3.57 billion for the September quarter, down 8% year-over-year. Reflecting the weak top-line performance, net earnings declined to $846 million or $0.42 per share in Q3 from $1.11 billion or $0.52 per share in the third quarter of 2022.
“Our merchandise business remained solid, and our coal operations delivered strong volume growth. As we approach year-end, we are proud of the cohesive culture taking shape across our ONE CSX team that is helping to drive positive business results, and we are encouraged to see improving sequential trends in some of our key end markets,” said Joe Hinrichs, the company’s chief executive officer.