Stock

Railroad firm CSX misses profit estimates on sluggish coal volumes

(Reuters) – U.S. railroad operator CSX (NASDAQ:CSX) reported third-quarter profit below Wall Street estimates on Wednesday, as lower coal volumes offset benefits from stronger pricing, sending its shares down 3.4% in after the bell trade.

Domestic coal demand has been hampered by a consumer shift to cheaper natural gas stockpiles for energy, while adverse weather conditions and work stoppages at Canadian railroads posed various operational challenges.

The company also said coal demand will continue to remain stressed in the short term due to sluggish performance in the U.S. steel and industrial sectors.

CSX’s operating margin, a keenly watched metric, was 37.4% for the quarter, representing a 180 basis-point improvement from a year ago.

The Jacksonville, Florida-based company reported a profit of 46 cents per share for the quarter through September. Analysts’ were expecting a profit of 48 cents per share, according to data compiled by LSEG.

It reported revenue of $3.62 billion in the third quarter, up 1% from a year ago, compared with analysts’ average estimate of $3.67 billion.

This post appeared first on investing.com

You May Also Like

Editor's Pick

Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

Latest News

A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

Economy

A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

Investing

Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 balanceandcharge.com

Exit mobile version