The third-largest U.S. rail operator fell sharply after missing on the top and bottom line with earnings per share of $1.08 and revenues of $3.08 billion. CSX also cut its full-year forecasts.
During the conference call that followed the CSX earnings release, CEO Jim Foote told investors, "The present economic backdrop is one of the most puzzling I have experienced in my career."
Are CSX earnings telling investors something troubling about the economy?
Jim Cramer shared his take during TheStreet's daily Cramer Live Show:
"I don't think there was anything really puzzling about it. If you read his own lines, I mean--crew by rail, that was hurt by refinery outage. That's the one in Philadelphia. You have coal down dramatically in part because of natural gas...You obviously have a slow down in much of the country when it comes to their region business versus where it was a year ago," said Cramer.
Catch his full breakdown of CSX in the video above.