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CSX +2.5% AH after posting better than expected Q3 earnings and revenues, even as sales slipped 8% to $2.71B as coal volume tumbled 21%.
- CSX says export coal declined due to oversupply in the world market and a strong U.S. dollar, but domestic coal has been a relative bright spot even though volumes continue to slip, as declines appeared to ease because hot summer weather helped demand.
- However, CSX cut Q3 expenses by 6.8% to $1.87B, primarily driven by $112M of efficiency gains and $53M of volume-related cost reductions.