CSX Delivers Decent Results Amid Indecent Coal Demand Environment
CSX second-quarter revenue dropped 12% due to a 9% carload decline plus lower fuel surcharges. Low volumes are unsurprising, but harsh nonetheless, with second-quarter coal carloads off a remarkable 34%, chemicals down 13%, and agriculture down 8%. Still, the company has responded well to radical demand shifts, in part by reducing average head count 14% year over year and by consolidating or closing several facilities and yards, consequently producing a respectable 68.9% operating ratio. This ma...CSX provides rail-based freight transportation services. The company's principal operating subsidiary, CSX Transportation, Inc., provides a link to the transportation supply chain through its rail network, which serves centers in states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. The company's CSX Intermodal Terminals, Inc. subsidiary owns and operates a system of intermodal terminals, primarily in the eastern United States and also performs drayage services (the pickup and delivery of intermodal shipments). The company's Total Distribution Services, Inc. subsidiary serves the automotive industry with distribution centers and storage locations.
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