CSX profit slips on weather, pandemic, fuel costs

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A CSX freight train blasts through high snow at a crossing in Silver Spring

LOS ANGELES (Reuters) -U.S. railroad operator CSX Corp on Tuesday reported lower-than-expected quarterly profit after severe “polar vortex” winter storms, COVID-19 disruptions and fuel costs weighed on results.

The results sent shares in CSX down 2.2% to $96.25 in extended trading.

The Jacksonville, Florida-based company, which operates in the eastern United States, had first-quarter net earnings of $706 million, or 93 cents per share, down from $770 million, or $1.00 per share, a year earlier.

Results from the latest quarter missed Wall Street’s average estimate by 2 cents per share, according to Refinitiv IBES data.

Revenue fell 1% to $2.81 billion, led by declines in automotive, metals and equipment, chemicals and coal.

Executives said demand has been steadily building and forecast double-digit percentage revenue growth for the full year.

(Reporting by Lisa Baertlein in Los AngelesEditing by Chris Reese, Sonya Hepinstall and Jonathan Oatis)

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