CSX Reports 1Q Income Drops 14%
CSX Corp. reported its first-quarter net income fell 14% to $398 million, or 40 cents per share, as the rail industry began its first-quarter round of earnings reports on a lower note.
Revenue rose almost 2% to $3.01 billion, the Eastern freight railroad reported.
Expenses increased $190 million. A $60 million reduction in tax expense stemmed the amount of the earnings decline.
CSX said intermodal freight shipments rose 5% and accounted for about 40% of shipments.
Total freight shipments rose 3%, including 12% more chemicals and grain shipments.
