CSX Reports Higher 1Q Profit

Eastern freight railroad CSX Corp. reported higher first-quarter profit from a year ago.

CSX’s net earnings rose to $459 million, or 45 cents per share, from $449 million, or 43 cents, a year earlier.

Revenue was nearly $3 billion, essentially flat from a year ago as gains in intermodal and other revenue were offset by declines in the coal business, CSX said.

CSX also said it has approved a 7% increase in the quarterly dividend on the company's common stock.

The new quarterly dividend of 15 cents is payable on June 14 to shareholders of record on May 31, the company said.