CSX earnings flat despite drop in coal traffic - WTRF 7 News Sports Weather - Wheeling Steubenville

CSX earnings flat despite drop in coal traffic

Posted: Updated:
  • BusinessBusinessMore>>

  • Union workers at Frontier OK 3-year contract

    Union workers at Frontier OK 3-year contract

    Monday, September 1 2014 12:17 PM EDT2014-09-01 16:17:18 GMT
    The new contract will expire in August 2017. It covers about 1,500 employees in 42 West Virginia counties.
    The new contract will expire in August 2017. It covers about 1,500 employees in 42 West Virginia counties.
  • Shale activity spurs WesBanco growth

    Shale activity spurs WesBanco growth

    Monday, September 1 2014 10:00 AM EDT2014-09-01 14:00:29 GMT
    Managing growth has been a problem for some companies in the shale gas region of West Virginia, leading WesBanco to provide services to help them.
    Managing growth has been a problem for some companies in the shale gas region of West Virginia, leading WesBanco to provide services to help them.
  • WV workforce lacks oil and gas expertise — for now

    WV workforce lacks oil and gas expertise — for now

    Sunday, August 31 2014 5:00 PM EDT2014-08-31 21:00:19 GMT
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.

Second-quarter and year-to-date earnings for CSX Corp. remained flat even as coal traffic on the system continued to decline.

The company released its second-quarter earnings report on July 16. The report showed net income of $535 million on revenues of $3.1 billion, compared with $512 million on $3 billion a year ago.

For the first two quarters, CSX reported net earnings of $994 million compared with $961 million last year. Revenues totaled about $6 billion for both years.

Coal volumes were down 6 percent in the quarter and 8 percent for the first half. Coal revenues were down 6 percent to $820 million in the second quarter. Coal revenues for the first half were down 9 percent to $1.652 billion.

"Export declines were driven by decreased shipments of U.S. thermal coal, primarily to Europe, and increased competition from other countries due to global oversupply," the company said in its earnings release. "Partially offsetting this decrease, shipments of domestic coal increased due to higher coal generation as natural gas prices increased."

Company executives will have their quarterly conference call with investment analysts on July 17.