CSX CSX Corporation

   By Micah Maidenberg 
 

CSX Corp. said the Covid-19 pandemic hurt revenue from key sectors, including its automotive business.

The railroad on Wednesday said its auto-related revenue fell 10% overall, due to plant shutdowns in the U.S. and Canada last month tied to the coronavirus and lower vehicle production.

CSX also said revenues for its international intermodal business fell because of the pandemic, offsetting gains in the domestic intermodal business.

Meanwhile, the company's work hauling coal struggled with weaker demand. Coal-related revenue fell 25% in the quarter, CSX said.

"Domestic utility coal demand was negatively impacted by low natural gas prices and export coal was impacted by lower global benchmark prices," the company said.

The railroad said it generated revenue of $2.86 billion for the quarter, down 5% compared with the year earlier. Analysts expected $2.87 billion in sales.

CSX reported a profit of $770 million, or $1 per share, compared with $834 million, or $1.02 a share a year ago.

The Jacksonville, Fla., company was expected to earn 95 cents a share for the quarter, or 94 cents a share following adjustments, according to data compiled by FactSet.

Expenses fell 7% year over year.

Rail traffic has fallen off as much of the economies in both countries remains shut down due to the pandemic. For the week that ended April 18, U.S. rail traffic was down more than 23% compared with the same period last year, the Association of American Railroads said.

Revenue for shipments of metals, chemicals and agricultural products all grew in the quarter, CSX said.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

April 22, 2020 17:12 ET (21:12 GMT)

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