OMAHA, Neb. – CSX railroad's top executive says regulators are likely to be reluctant about consolidation among the major industry players because they remain concerned about service.
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The idea of railroad mergers is on investors' minds this week because of several reports that CSX rejected a merger offer from Canadian Pacific railroad last week. Both railroads declined to comment on those reports.
CSX CEO Michael Ward said Wednesday the Surface Transportation Board would likely take a cautious approach to any railroad consolidation deals.
CSX officials told investors they're confident in their railroad's prospects, and they expect to deliver double-digit growth in earnings per share next year.
The Jacksonville, Florida-based company said Tuesday its third-quarter profit grew 12 percent to $509 million, or 51 cents per share.