JACKSONVILLE, Fla. (AP) — CSX Corp. says it expect 2013 to be another challenging year for the railroad, with continued weak coal demand but growth in other areas likely to offset lower coal volume.
Executives at the Jacksonville, Fla.-based railroad held a conference call with investors Wednesday — a day after CSX reported a 3 percent decline in fourth-quarter profit.
CSX Chairman, CEO and President Michael Ward says the evolution of the energy market will continue in 2013 as some coal users shift to natural gas and the weak economy undercuts demand for industrial coal use.
CSX officials predict domestic coal shipments will decline by 5 to 10 percent from last year's weak levels. And coal exports will likely drop to 40 million tons from last year's 48 million tons.