CSX Corp. (NASDAQ: CSX), a rail-based freight transportation company, has reported a decline in revenues and net profit for the second quarter of 2023.
The company reported revenue of $3.70 billion for the June quarter, down 3% year-over-year. Reflecting the weak top-line performance, net earnings declined to $996 million or $0.49 per share in Q2 from $1.18 billion or $0.54 per share in the second quarter of 2022.
“Though intermodal activity remains challenged, our strong service performance distinguishes us in the marketplace and is attracting shippers to our network. We look forward to meeting the opportunities ahead in the second half of the year and over the long term as we position CSX for sustainable, profitable growth,” said Joe Hinrichs, the company’s chief executive officer.