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Industrials

CSX quarterly profit falls as pandemic stifles rail shipments

LOS ANGELES, July 22 (Reuters) - U.S. railroad operator CSX Corp on Wednesday reported a drop in quarterly profit after cost controls failed to offset a volume slump from the COVID-19 pandemic that now threatens to derail the fragile U.S. economic recovery.

The Jacksonville, Florida-based company, considered one of the most efficient U.S. railroads, reported second-quarter net income of $499 million, or 65 cents per share, down from $870 million, or $1.08 per share, a year earlier.

Revenue dropped 26 percent to $2.26 billion, largely due to the pandemic-related business slowdown. (Reporting by Lisa Baertlein in Los Angeles; editing by Jonathan Oatis)

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