- The Washington Times - Tuesday, April 14, 2009

NEW YORK (AP) - CSX says first-quarter profit fell 27 percent from a year earlier, but the rail operator handily beat Wall Street’s expectations as cost cuts partially offset lower demand.

The Jacksonville, Fla.-based company said Tuesday it earned $246 million, or 62 cents per share for the quarter, compared with $351 million, or 85 cents per share a year earlier.

Revenue fell 17 percent to $2.25 billion.

Thomson Reuters says analysts were expecting profit of 51 cents per share on revenue of $2.26 billion.

The company said volume was down across all segments, as construction and consumer-related markets remained weak.

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