CSX 1Q Profit Falls 27%
Eastern freight railroad CSX Corp. said its per-share profit fell 27% in the first quarter.
CSX said its net income fell to $246 million, or 62 cents per share, from $351 million, or 85 cents, a year ago.
Revenue in the first quarter was $2.2 billion, down 17% from the prior year, CSX said late Tuesday.
The 2008 profit includes an equity earnings adjustment of 5 cents per share, the company said. Excluding that, profit fell 23%.
In response to the profit decline, chairman Michael Ward said the company is “taking tough actions to right-size our operations in this challenging environment.”
