CSX Q2 profit dips 2% to $963M due to Baltimore bridge collapse, revenue remains flat at $3.7B.

In Q2, CSX Corporation reported a 2% dip in profit to $963 million, primarily due to the effects of the Baltimore bridge collapse in March. Despite the setback, the company's Q2 revenue remained flat at $3.7 billion, slightly ahead of Wall Street predictions. Operating expenses also increased, reaching $2.25 billion, primarily due to higher labor costs. CSX predicts that volume and revenue will both be up by low-to-mid single digits in the second half of the year, though CEO Joe Hinrichs mentioned that the economy appears slightly more fragile than earlier in the year.

August 05, 2024
14 Articles