CSX earnings flat despite drop in coal traffic - Beckley, Bluefield & Lewisburg News, Weather, Sports

CSX earnings flat despite drop in coal traffic

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Parkersburg man pleads guilty to Kroger robbery in Beckley

    Parkersburg man pleads guilty to Kroger robbery in Beckley

    Friday, August 29 2014 12:46 PM EDT2014-08-29 16:46:21 GMT
    A man who robbed the Kroger on Harper Road in Beckley, WV bank in March, went before a judge on Friday, Aug. 29, 2014. Jonathan James Rager pleaded guilty to Second Degree Robbery in front of Judge John Hutchison.
    A man who robbed the Kroger on Harper Road in Beckley, WV bank in March, went before a judge on Friday, Aug. 29, 2014. Jonathan James Rager pleaded guilty to Second Degree Robbery in front of Judge John Hutchison.
  • Beckley Police investigate shots fired on 8th Street

    Beckley Police investigate shots fired on 8th Street

    Friday, August 29 2014 12:11 PM EDT2014-08-29 16:11:03 GMT
    A person opened fire at a home in Beckley during the early morning hours of Friday, Aug. 29, 2014. Detectives are investigating a case of shots fired along 8th Street, which is just off of Johnstown Road. The incident happened at around 2 a.m.
    A person opened fire at a home in Beckley during the early morning hours of Friday, Aug. 29, 2014. Detectives are investigating a case of shots fired along 8th Street, which is just off of Johnstown Road. The incident happened at around 2 a.m.
  • Deveron Patterson pleads guilty to 1st Degree Murder

    Deveron Patterson pleads guilty to 1st Degree Murder

    Friday, August 29 2014 10:45 AM EDT2014-08-29 14:45:11 GMT
    A case that began almost a year ago lead to a guilty plea in Kanawha County court on Friday, Aug. 29, 2014. Deveron Patterson, 26, of Raleigh County pleaded guilty to a First Degree Murder charge in connection with the death of Kareem Hunter in Sept. 2013.
    A case that began almost a year ago lead to a guilty plea in Kanawha County court on Friday, Aug. 29, 2014. Deveron Patterson, 26, of Raleigh County pleaded guilty to a First Degree Murder charge in connection with the death of Kareem Hunter in Sept. 2013.

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.