CSX reports in-line Q2 results, shares drop 5%

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Revenue fell 3% year-over-year to $3.7 billion (vs. consensus of $3.73B) as lower fuel prices, reduced supplemental revenue, a decline in export coal benchmark prices, and a decrease in intermodal volumes more than offset the effects of volume growth in coal and merchandise and solid gains in merchandise pricing.

“The ONE CSX team continued to build momentum this quarter as our merchandise and coal businesses continued to demonstrate significant volume gains,” said CEO Joe Hinrichs.

The company provided a 2023 guidance update, expecting low single-digit revenue ton-mile growth for the full year, driven by merchandise and export coal.