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April 18, 2007 8:30 AM, EDT

CSX’s 1Q Profit Dips; Revenue Hits Record

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.