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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