Rail transportation company, CSX Corp., has announced 3Q15 earnings of US$507 million, a small drop from US$509 million on the same period in 2014.
A significant drop in coal production in the US has hit CSX and other US rail companies this year with the company expecting to take a US$450 million hit from declining coal revenues over the course of 2015.
Helping to offset this has been a falling costs on the back of low fuel price, cost reductions reflecting lower volumes and savings from efficiency initiatives.
“CSX’s third quarter results demonstrate the company’s ability to leverage improving service while controlling costs in a dynamic environment where commodity prices and the strength of the US dollar are challenging many of our markets,” said Michael J. Ward, Chairman and CEO of CSX.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/handling/14102015/csx-reports-3q15-earnings-3007/
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