CSX’s Third-Quarter Income Declines

Eastern freight railroad CSX Corp. reported its third-quarter net income fell from a year ago, but posted record income from continuing operations for the period.

The rail line’s profit fell to $382 million, or 94 cents a share, from $407 million, or 91 cents, a year ago. Revenue rose 18% to about $3 billion, CSX said late Tuesday.

Earnings from continuing operations were $382 million, or 94 cents per share, up 40% from a year ago, when the comparable figure was $297 million, or 67 cents per share.

CSX said that due to current economic conditions, it is targeting the low end of its earnings guidance of $3.65 to $3.75 per share for the year.

CSX was the first of the four major U.S. freight rail lines to report its quarterly earnings.