OMAHA, Neb. (AP) - For the second time this year, CSX railroad has cut its annual outlook as the nation's appetite for coal deteriorates further.
OMAHA, Neb. (AP) — For the second time this year, CSX railroad has cut its annual outlook as the nation's appetite for coal deteriorates further.
Chief Financial Officer Frank Lonegro said Wednesday that CSX now expects earnings-per-share growth of about 3 percent in 2015.
That forecast includes a property sale that will add 5 cents per share to CSX's fourth-quarter profit.
CSX had earlier predicted for profit growth-per-share in the mid-single digits. The Jacksonville, Florida, railroad cut its outlook in September, also because of weak coal demand.
Lonegro says domestic coal shipments declined more than expected in the fourth quarter.
CSX shares fell almost 3 percent to trade for $27.85. Shares have now fallen 23 percent this year and the CSX report appeared to pull down shares of other railroads as well Wednesday.