CSX railroad's 4Q profit slips on weak coal demand

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Associated Press

Posted on January 22, 2013 at 4:02 PM

Updated Tuesday, Jan 22 at 5:01 PM

OMAHA, Neb. (AP) — Railroad operator CSX Corp. says continued weak coal demand contributed to a 3 percent decline in fourth-quarter net income. The results still beat Wall Street expectations as other sectors improved.

The Jacksonville, Fla.-based railroad reported net income of $443 million, or 43 cents per share, in the last three months of 2012. That's down from $457 million, or 43 cents per share, in the previous year's quarter.

CSX says its revenue declined 2 percent to $2.9 billion from $2.95 billion a year earlier. It says declines in coal shipments more than offset gains in intermodal and merchandise shipments.

Analysts surveyed by FactSet expected CSX to report earnings of 39 cents per share on revenue of $2.84 billion.

CSX stock gained 2.5 percent, or 52 cents, to $21.33 in after-hours trading.

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Online:

CSX Corp.: www.csx.com

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