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CSX 1Q profit drops 8%, railroad withdraws outlook for year

state Florida city Jacksonville, state Florida state Nebraska city Omaha, state Nebraska outbreak Coronavirus
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OMAHA, Neb. – CSX Corp. said Wednesday that its first-quarter profit slipped 8% and the railroad withdrew its outlook for the year because of the ongoing economic uncertainty brought on by the coronavirus outbreak.

The Jacksonville, Florida- based company said it earned $770 million, or $1 per share, during the quarter. That's down from $834 million, or $1.02 per share, a year ago.

The results topped Wall Street expectations. The seven analysts surveyed by Zacks Investment Research expected earnings of 92 cents per share on average.

But the freight railroad's revenue declined 5% to $2.86 billion and fell short of the $2.88 billion that Wall Street analysts expected.

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