CSX railroad’s 1Q profit jumps 15% on higher rates

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — CSX hauled in 15% more profit in the first quarter as the railroad’s higher rates and fuel surcharges offset its higher costs. The railroad said Thursday that it earned $987 million during the quarter. The 48-cents-per-share profit beat Wall Street expectations. CSX CEO Joe Hinrichs said the railroad’s service continued to improve in the quarter as CSX cut down on the number of delayed shipments that many shippers had complained about over the past year. Safety has been a key focus for railroads ever since a fiery Norfolk Southern derailment in February. Hinrichs emphasized that railroads are very safe compared to other forms of transportation but he said CSX is committed to improving safety.