CSX’s delivered 3% more shipments in the third quarter to help drive its profit 8% higher, but only modest volume growth is expected in the rest of the year as the Southeast rebuilds after two major hurricanes.
The railroad said Wednesday that it earned $894 million, or 46 cents per share. That’s up from $828 million, or 41 per share a year ago. That’s lower than the 48 cents forecast by the analysts surveyed by FactSet Research.
The Jacksonville, Florida-based railroad is recovering from Hurricanes Helene and Milton that battered its extensive network in the Southeast. Some trains had to be re-routed across the region as tracks are cleared and repaired.
The railroad expects the hurricanes to be a $50 million drag on its fourth-quarter results through a combination of rebuilding costs and lost revenue. CSX CEO Joe Hinrichs said Helene was the most damaging hurricane to hit the railroad since …