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.
CEO Joe Hinrichs said he still expects volume to increase this year, but it's hard to predict how much because of all the uncertainty about trade policy.
President Donald Trump's trade war could lead to a drop in shipments of imported goods, but so far the railroad said demand remains fairly steady. And in the long run, CSX could benefit from the expected increase in U.S. manufacturing because the railroad will haul raw materials and finished products for those factories.
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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