CSX railroad's CEO signaled he would be open to merger conversations if a deal would boost shareholder value and help the business grow. As merger rumors swirl in the industry, the Jacksonville, Florida-based railroad said Wednesday that its second-quarter profit dipped 14% to $829 million,

Joe Hinrichs says the company won’t comment on speculation, It cut 77 managerial jobs in Jacksonville on weak freight trends.

On an adjusted basis, it reported a profit of 44 cents per share, above the analysts' average estimate of 42 cents per share, according to data compiled by LSEG. The company reported revenue of $3.57 billion in the quarter ended June 30, missing estimates of $3.58 billion.