CSX Corp. late Tuesday reported that its first-quarter profit fell 2%, due to slower freight demand and a sluggish economy.
The eastern freight railroad’s earnings fell to $240 million or 52 cents per share, from $245 million or 53 cents last year.
The results included a gain of $18 million, or 2 cents a share, related to insurance recoveries from Hurricane Katrina. Excluding that gain, CSX earned 50 cents per share in the quarter.
Revenue rose 4% to a record $2.42 billion, the company said.