CSX 4Q profit slips but railroad keeps its trains running smoothly and predicts profitable 2024

CSX's fourth quarter profit slipped 13%, but the railroad reported hauling slightly more freight and kept its trains running smoothly.

The Jacksonville, Florida-based railroad said it earned $886 million, or 45 cents per share, during the quarter. That's down from $1.02 billion, or 49 cents per share, a year earlier.

The results for the latest quarter were in line with what the analysts surveyed by FactSet Research predicted on average.

The volume of shipments the railroad delivered was up 1% even with all the uncertainty in the economy, while it posted the best service performance in the industry. CSX said its trains were moving an average of 18.3 mph during the quarter, up from 17.5 mph a year earlier, and they spent less time sitting in railyards — only 9.6 hours on average.