The Canadian PressApril 15, 2014 17:02
OMAHA, Neb. - Harsh winter weather slowed CSX railroad and contributed to a 14 per cent 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. Michael Ward, the railroad's president, CEO and chairman, praised the way employees responded.