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Despite lower profits in the third quarter, CSX expects to see sequential improvements in shipping volumes in the fourth quarter, said Michael Ward, the company’s president, chairman and CEO told CNBC.
The railroad operator reported Tuesday that third-quarter earnings fell 23 percent due to weak shipping demand. Despite significant drops in the shipment of coal, cars, construction and consumer goods, CSX [CSX
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] said the decline in total volume was down six percent from the previous quarter.
“Nearly every market improved sequentially in volume and also on a year-over-year basis total volumes were down 21 percent in the second—only 15 [percent] in the third,” said Ward.
The company—a component of the Dow Transportation Average—is viewed as a barometer of a broad mix of the US economy from agriculture to automotive and coal. While many of the company's market segments are improving, said Ward, housing still has time to recover.
And while talk of regulation on the industry has existed over the last 10-15 years, said Ward, the company remains confident that Congress will refrain from imposing such legislation.
“As the policy makers look at this, they realize the highways are getting more and more congested and the rail is going to play in easing that highway congestion,” he said.
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