CSX has laid off 166 management employees, about 5% of the non-union workforce. Other cost-cutting moves include cuts to management benefits and furloughs to 193 conductors. CEO Steve Angel said the positions were eliminated due to challenging economic conditions. Severance packages and employment transition services will be provided.

CSX’s fourth-quarter freight traffic was up 1.3%, but merchandise traffic fell 2.1%. Intermodal volume increased by 5.2%, while more profitable merchandise traffic decreased. Fourth-quarter earnings will be impacted by lower coal shipments and auto shipments due to a derailment and aluminum shortage. Operating income saw an 8% decline in the third quarter.

CSX will release fourth-quarter earnings on Jan. 22. The company has faced challenges with lower coal and auto shipments affecting earnings. CEO Steve Angel has implemented cost-cutting measures to address economic conditions and improve operational performance. Subscribe to FreightWaves’ Rail e-newsletter for more rail freight insights.

Read more at Yahoo Finance: CSX lays off 5% of management staff, furloughs conductors