RICHMOND, Va. — CSX Corp., the large shipping, railroad and energy company, on Friday took a $778-million charge against its second-quarter earnings to lay off nearly 25% of its work force, and reported a loss of $160 million, or $1.04 a share, for the quarter.
CSX will lay off about 8,200 workers, reducing its rail work force to about 30,000 employees, as part of an ongoing restructuring to streamline its rail operations, the company said.
Total sales for the second quarter inched up to $2.12 billion from $2.01 billion in the year-earlier period.
Excluding the pretax charge, CSX earned a profit of $332 million, or $2.12 a share, compared to a profit of $114 million, or 74 cents a share, in the same year-ago period.
For the first six months of 1988, CSX lost $95 million, or 64 cents per share, compared to a loss of $95 million, or 61 cents a share, for the same year-earlier period.