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Michael J. Ward

CSX sees profits falling through 2016 as volume slows

CSX expects profit to decline for remainder of the year as freight volume slows and it plans further cost cuts to offset what the railroad's chief executive called a "challenging" environment.

The railroad reiterated a dreary outlook for the year and bleak long-term prospects for coal demand Thursday.

CSX reported this week that second-quarter profit tumbled 20 percent to $445 million with volume sliding 9 percent. It still beat Wall Street expectations, but that's because it's slashing costs.

Chairman and CEO Michael Ward said the railroad expects to achieve $350 million worth of productivity improvements this year.

"It's clear this continues to...

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