Omaha, NB – CSX railroad says its service is improving after a summer marked by delays as it overhauled its operations, but the company is trimming its profit outlook.
The Jacksonville, Florida-based railroad said Wednesday it now expects profit to improve between 20 and 25 per cent over last year’s earnings per share of $1.81. Previously, CSX had predicted 25 per cent profit growth.
New CSX CEO Hunter Harrison says the railroad has made good progress implementing his operating model, but the extensive changes involved did delay some deliveries over the summer.
Harrison says the railroad’s performance has improved over the past month.
CSX shares gained more than 3 per cent, or $1.68, to sell for $50.67 Wednesday.
CSX operates more than 21,000 miles of track in 23 Eastern states and two Canadian provinces.