CSX’s profits declined in the third quarter due to an 11% drop in coal revenue, despite improved operating metrics. The railroad’s operating income fell 8% to $1.25 billion, with revenue down 1% to $3.58 billion. Earnings per share dropped 4% to 44 cents, while the adjusted operating ratio increased to 65.1%.

The quarterly earnings were impacted by a $164 million writedown of goodwill at Quality Carriers, a trucking company acquired by CSX in 2021. Adjusted for one-time items, operating income declined 8%. Overall quarterly volume increased 1%, with merchandise traffic down 1%, intermodal up 5%, and coal down 3%.

CSX anticipates overall volume growth this year despite challenges like shifting trade policies, global commodity prices, and a soft trucking market. Key operating metrics like average train velocity and terminal dwell improved during the quarter. Intermodal trip plan compliance increased to 93%, while merchandise trip plan compliance rose to 83%.

Read more at Yahoo Finance: CSX earnings slump on charges, coal decline