The biggest drop in CSX’s freight came in the intermodal category where shipments of containers taken off ships fell 10%. Shipments of metals and equipment fell 9%, and fertilizer shipments declined 5%.
CSX Corp. is more than two years into an operational overhaul designed to enable the railroad to handle more volume with fewer locomotives and employees by operating on a tighter schedule. During the second quarter, expenses declined another 3% to $1.76 billion.
The railroad’s stock was down about 5% to $75.44 in after-hours trading following the release of the earnings report.
The stock has risen 28% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%.
CSX operates more than 21,000 miles of track in 23 Eastern states and two Canadian provinces.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSX at https://www.zacks.com/ap/CSX