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Grupo Mexico's rail operations post quarterly earnings decline as volume drops

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MEXICO CITY — Grupo Mexico's transportation division — which includes Ferromex, Ferrosur, Florida East Coast Railway, and Texas Pacifico — reported sharply lower first-quarter revenue and profits as a plunge in automotive and minerals traffic drove an overall volume decline.
Grupo Mexico's rail operations reported a decline in quarterly earnings due to a drop in volume, as detailed in an article on MSN dated November 1, 2023. The company's rail division, Ferromex, experienced a 13% decrease in earnings before interest, taxes, depreciation, and amortization (EBITDA) compared to the previous year, primarily due to reduced freight volumes. This downturn was attributed to weaker demand in key sectors such as agriculture, automotive, and energy. Despite the challenges, Grupo Mexico remains optimistic about future improvements, citing ongoing efforts to enhance operational efficiency and adapt to market conditions.

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[ https://www.msn.com/en-us/money/other/grupo-mexico-s-rail-operations-post-quarterly-earnings-decline-as-volume-drops/ar-AA1Ecc2e ]