CSX Preserves Respectable Margins Despite 21% Plunge in Coal Volume
CSX's third-quarter coal carloads dropped 21% and are now down 29% year to date. Carloads declined broadly beyond coal as well, down 8% in both the quarter and the year thus far. Rail volumes really still look like a freight recession remains upon us. Consequently, revenue dropped 8% in the period and 11% this year, but we think margin preservation indicates that the rail has right-sized its network to match the demand the economy gives it. In fact, the quarter's 69.0% operating ratio marks just...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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