CSX Reports Higher 1Q Profit
Eastern freight railroad CSX Corp. said its first-quarter profit rose to $315 million, or 85 cents a share, from $240 million, or 52 cents, in the previous first quarter.
Revenue rose 12% to $2.7 billion, the company said late Tuesday.
CSX said it generated better returns from grain, ethanol and coal shippers, helping make up for slowdowns in the housing and automotive industries, Bloomberg reported. Revenue per unit increased in all shipping categories, even as total volume fell.
The company said its earnings for the full year will be in the “upper end” of its previous forecast of $3.40 to $3.60 per share.
