CSX freight lines run through center city Philadelphia
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The CEO of giant East Coast railroad operator CSX is sounding alarm on the U.S. economy as it weighs on the company’s shipping volumes.
“Both global and U.S. economic conditions have been unusual this year, to say the least, and have impacted our volumes. You see it every week in our reported carloads,” Chief Executive James Foote said on a conference call Tuesday after the earnings report. “The present economic backdrop is one of the most puzzling I have experienced in my career.”
Foote has worked in the railroad industry for more than 40 years and has been CEO of CSX since 2017.
CSX is taking a hit from a “softer industrial environment” executives say and so it reported disappointing second-quarter earnings and a slashed revenue forecast.
The company said Tuesday after the bell that it earned $1.08 per share in the second quarter, below the $1.11 earnings per share Wall Street analysts were expecting,…