U.S. railroad operator CSX Corp on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns triggered by the COVID-19 pandemic weigh on the U.S. economy.
) on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns triggered by the COVID-19 pandemic weigh on the U.S. economy.
The company, considered one of the most efficient U.S. railroads, also said profit fell less than expected in the latest quarter as cost controls helped offset revenue declines from shipments of products like coal, automobiles and fertilizer. “The U.S. is marginally worse off, with a material deceleration in merchandise traffic joining weaker trends in coal and intermodal. We do not expect that volumes will improve before the economy re-opens, and we have little clarity on when that will be,” Vernon wrote.Last Friday, Kansas City Southern - which operates in Mexico and in U.S. states along the Gulf of Mexico and into the Midwest - withdrew its full-year earnings forecast on coronavirus concerns.
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