CSX sees profit drop 30%
CSX Corp. reported first quarter net profit of $246 million, 30 percent less than the $351 million it earned in the comparable 2008 period.
Revenues for the quarter ending March 27 was $2.2 billion, down 17 percent from the $2.7 billion in the first quarter of 2008.
'In this economic downturn, CSX is focusing sharply on the things that are more within our control — safety, customer service and productivity,' said Michael Ward, chairman, president and chief executive officer or CSX. 'We are taking tough actions to right-size our operations in this challenging environment.'
CSX said the volume declines were driven by significant weakness in industrial production, housing starts, and consumer spending, as well as in the agriculture and energy sectors.