OMAHA, Neb. (AP) — CSX railroad’s profit fell 27% in the first quarter as two major construction projects contributed to a decline in shipments.
The Jacksonville, Florida-based railroad said it earned $646 million net income, or 34 cents per share, during the quarter. That’s down from $880 million, or 45 cents per share, a year ago, and the results fell short of Wall Street expectations.
The analysts surveyed by FactSet Research predicted CSX would earn 37 cents a share.
CSX is in the middle of expanding a key tunnel in Baltimore, so it will be able to carry double-stacked shipping containers, and the railroad is completing repairs related to Hurricanes Helene and Milton.
CSX said the volume of shipments it delivered slipped 1%, and revenue dropped 7% to $3.42 billion as coal and fuel surcharge revenue fell. That also came in lower than the $3.45 billion that analysts expected.
CSX is one of the nation’s largest railroads with tracks crisscrossing the Eastern United States.
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