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CSX railroad posts higher 1Q profit

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JACKSONVILLE, Fla. (AP) — CSX Corp. says its first-quarter profit chugged ahead 2 percent as a decline in coal revenue was offset by rate increases for other shipments.

The Jacksonville, Fla.-based railroad reported $459 million net income, or 45 cents per share, on $2.96 billion in revenue. That beat Wall Street's expectations and topped last year's $449 million profit, or 43 cents per share.

Analysts surveyed by FactSet expected earnings of 40 cents per share on revenue of $2.92 billion.

CSX predicts its earnings will be relatively flat in 2013 but should grow 10 to 15 percent in 2014 and 2015.

CSX plans to boost its quarterly dividend by a penny to 15 cents per share in June, and the railroad's board approved spending $1 billion to repurchase CSX stock.

 

Copyright 2013 The Associated Press