CSX Corporation (NASDAQ: CSX) reported its financial results for the quarter ended March 31, 2020 today.
CSX posted an 8% drop in earnings for the first quarter of 2020 due to lower revenues. The top-line was hurt by lower coal and other revenue as well as unfavorable mix. Domestic coal fell by 16% due to lower shipments of utility coal as a result of continued competition from natural gas. Export coal dropped by 13% due to lower international shipments of thermal and metallurgical coal as a result of lower global benchmark prices.
The operating performance continued to improve in the first quarter as train velocity increased 4% to a new first-quarter record level while car dwell fell 3% to a new all-time record level. Looking ahead, the company is withdrawing guidance given the current economic uncertainty related to the COVID-19 pandemic.