Summary Box: CSX railroad raises 1Q profit

AP News
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Posted: Apr 17, 2012 6:08 PM
Summary Box: CSX railroad raises 1Q profit

WHAT'S UP: CSX Corp., the first major freight railroad to report first-quarter results, earned $449 million or 43 cents per share. That's up14 percent from a year ago. Revenue grew 6 percent to $2.97 billion.

WHAT'S DOWN: Coal shipments fell 14 percent as utilities ordered less to generate power. Mild winter weather and cheap natural gas hurt demand.

DOWN THE LINE: CSX, which operates 21,000 miles of track in the eastern U.S. and Canada, said coal demand will be soft again in the second quarter but said it's on track to beat 2011 earnings this year.