CSX 4Q profit slips 5 percent but volume improves

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Associated Press

Posted on January 15, 2014 at 3:02 PM

OMAHA, Neb. (AP) — CSX railroad's fourth-quarter profit declined 5 percent as coal demand remained weak, but the volumes it hauled grew as the economy improved.

CEO Michael Ward says the railroad expects the economy to continue growing and is ready to take advantage of that growth.

The Jacksonville, Fla.-based railroad said Wednesday that it earned $426 million, or 42 cents per share, in the last three months of 2013. That's down from $449 million, or 44 cents per share. The 2012 quarter included a one-time real estate gain of $57 million, or 6 cents per share.

Analysts surveyed by FactSet expected CSX to report earnings of 43 cents per share.

CSX revenue grew 5 percent to $3 billion, roughly what Wall Street predicted.

Shares are down 3 percent to $28.35 in after-hours trading.

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