CSX railroad profit up 9% on higher fuel surcharges, rates

KIFI

Published January 25, 2023 3:27 PM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — CSX railroad says it hauled in 9% more fourth-quarter profit even though it carried less cargo because it received more money for fuel surcharges and higher shipping rates. The Jacksonville, Florida-based railroad said Wednesday that it earned $1.02 billion, or 49 cents per share. That topped Wall Street expectations. CEO Joe Hinrichs said he expects volume to continue to grow faster than the gross domestic product this year as the railroad’s service keeps improving. CSX’s trains are running more smoothly because the railroad has hired hundreds of additional employees over the past year to help handle the freight.

Article Topic Follows: AP National Business

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