OMAHA, Neb. (AP) — Harsh weather slowed CSX railroad and contributed to a 14 percent drop in first-quarter profit, even as freight volume grew modestly.
On Tuesday, the railroad based in Jacksonville, Fla., reported net income of $398 million, or 40 cents per share, in the quarter ending March 31. That's down from $462 million, or 45 cents per share, a year ago.
CSX said weather in early 2014 cost it 8 to 9 cents per share in increased expenses and lost revenue.
The railroad's revenue grew 2 percent to $3.01 billion as it hauled 3 percent more freight. Increases in intermodal and merchandise shipments offset coal weakness.
Analysts surveyed by FactSet expected CSX to report earnings per share of 39 cents on $2.99 billion revenue.
CSX Corp. sees modest profit growth in 2014.