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(AP) — CSX reported a 24% drop in the railroad's third-quarter profit Thursday as it hauled 2% less freight, but the CEO said customers are noticing that its trains are running more smoothly. The Jacksonville, Florida-based railroad said it earned $846 million, or 42 cents per share, in the quarter. Hinrichs said customers are noticing that the railroad's service has been consistently better over the past year, and that is opening the door to more conversations about increasing the amount they ship on the railroad. Three CSX employees have died on the job since June, prompting unions to call for better training and a review of the use of remote-control locomotives. CSX is one of the nation’s largest railroads, operating trains on more than 20,000 miles (32,000 kilometers) of track in 23 Eastern states and two Canadian provinces.
Persons: , Joe Hinrichs, Hinrichs, Mike Cory Organizations: — CSX, FactSet Research, CSX, ” Revenue Locations: OMAHA, Neb, Jacksonville , Florida
Check out the companies making headlines before the bell:American Express — American Express slid 3% after posting smaller-than-expected revenue for the previous quarter, even as earnings per share beat expectations. The company reported second-quarter earnings of $2.89 per share on revenue of $15.05 billion. The company beat on the top and bottom lines, reporting adjusted earnings of $6.29 per share on revenue of $6.89 billion. CSX — CSX fell 4% after the transportation company missed revenue expectations in its second quarter. CSX reported revenue of $3.7 billion, lower than the $3.74 billion consensus estimate from Refinitiv.
Persons: Refinitiv, AutoNation, StreetAccount, Swift, — CNBC's Michelle Fox, Yun Li Organizations: Express, Sunnova Energy, BMO, CSX, PPG, PPG Industries, Refinitiv, Swift Transportation, Scholastic, StreetAccount
American Express — Shares slipped about 4% after the company reported second-quarter revenue of $15.05 billion, falling short of the $15.48 billion expected from analysts polled by Refinitiv. The car dealer company reported second-quarter results that exceeded expectations on the top and bottom lines. The company posted systems revenue of $392.7 million, lower than the $415.9 million, according to a consensus estimate from StreetAccount. CSX — CSX slid more than 4% after the transportation company reported disappointing second-quarter revenue. The company reported revenue of $3.7 billion, which was weaker than $3.74 billion expected by analysts polled by Refinitiv.
Persons: Herc — Herc, Sherif El, Sabbahy, AutoNation, Swift, StreetAccount, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim Organizations: Scholastic, Traders, American, Refinitiv, American Express, Bank of America, Swift Transportation —, Swift Transportation, PPG, PPG Industries, Sunnova Energy, BMO Capital Markets, CSX Locations: Hollywood, U.S
Tesla — Shares rose 0.4% in volatile trading after the electric-vehicle maker reported earnings and revenue for the fourth quarter that beat analyst expectations. Chevron — Shares advanced 2.7% after the oil company announced a $75 billion stock repurchasing program. Levi Strauss — The denim company jumped 7% after its earnings and revenue for the fourth quarter came in above expectations. International Business Machines — IBM beat quarterly earnings and revenue forecasts, but the stock fell more than 2%. Analysts polled by Refinitiv expected earnings of 46 cents per share on revenue of $3.72 billion.
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