CSX Drops to Lowest Value Since 2013 as Profit Seen Falling
- CEO says cargo decline can be seen as `freight recession'
- Railroad to focus on cost cuts, price increases, productivity
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CSX Corp. fell to its lowest price in almost three years as demand for rail cargo is expected to drop this year in what Chief Executive Officer Mike Ward called a “freight recession.”
Coal carloads will decrease and demand for international freight will be hurt by the strong dollar, CSX executives said on a conference call with analysts Wednesday. The only bright spots this year will be shipments of autos and housing.