Business

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, Maryland, February 13, 2014. REUTERS/Gary Cameron

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LOS ANGELES, April 20 (Reuters) - U.S. railroad operator CSX Corp (CSX.O) 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.

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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.

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Reporting by Lisa Baertlein in Los Angeles Editing by Chris Reese

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