The COVID-19 pandemic is creating challenges for every business, but Jacksonville-based railroad company CSX Corp. is in a good position to weather the storm, CEO Jim Foote told shareholders in a virtual meeting.
“CSX entered 2020 with historically strong free cash flow and a record-setting operating ratio for a Class I U.S. railroad,” Foote said in the May 6 meeting broadcast through the Internet.
He said the steps CSX took over the past three years to improve operations “have placed the company on solid footing to meet this challenge” of the pandemic.
Foote also said management is “confident about our ability to scale up when the economy rebounds.”
Because of social distancing requirements during the pandemic, a large number of public companies are holding virtual annual shareholders meetings instead of gathering in a conference room.
However, this is the second year in a row that CSX has opted for a virtual annual meeting.
Board Chairman John Zillmer said the virtual meeting gives all stakeholders “the opportunity to safely participate in our annual meeting from any location around the world.”
Shareholders were allowed to submit questions through the internet, but only two brief questions were asked.
The meeting lasted about 15 minutes.