JACKSONVILLE, Fla. - Jacksonville-based railroad CSX saw its earnings drop 20 percent in the second quarter of 2009, compared to last year, according to the Associated Press.
The company announced it earned $308 million, or 78 cents per share, compared with $385 million, or 93 cents a share, in the second quarter of 2008.
Excluding charges related to The Greenbrier resort, earnings from continuing operations were 95 cents per share versus 72 cents per share last year, a drop of 24 percent.
Second quarter revenues of $2.2 billion were down 25 percent from last year. CSX said that was primarily due to a 21 percent decline in volume and the collection of fewer fuel surcharges.
"While the economy continues to significantly impact our business, there are some signs that we may be seeing the bottom in many markets," said Michael Ward, CSX's president, chairman and CEO.
"Even in this difficult business environment, we are still strengthening our operations, optimizing our resources and making the right investments to prepare our network for the future," Ward said.
Thomson Reuters said analysts expected profit of 62 cents per share on revenue of $2.27 billion.
(This item was distributed July 14, 2009, by the Associated Press.)
