CSX Reports a Decline in Profit
July 14, 2009 by Stephen Kersey
Filed under Business
CSX, a leading rail transportation corporation, reported a rather large drop in their profit in the second quarter. Compared to last year, the drop in profit was approximately 20%.
In the second quarter of 2008, CSX had a profit of $385 million. This year, that number was down to $308 million. The drop per share was 93 cents to 78 cents.
Despite the drop in profit, Michael Ward, the CEO, president and chairman of CSX, sees a light at the end of the tunnel.
Said Ward: “While the economy continues to significantly impact our business, there are some signs that we may be seeing the bottom in many markets. Even in this difficult business environment, we are still strengthening our operations, optimizing our resources and making the right investments to prepare our network for the future.”
Revenue was also down in the second quarter to $2.2 billion. Last year, the revenue was 25% higher.
CSX has a transportation network that spans more than 20,000 miles. They provide rail service to nearly half of the states in America and connect numerous bodies of water.
CSX (Image: Flickr)
