CSX’s 1st quarter profit drops 2%

CSX’s 1st quarter profit drops 2% Jacksonville-based CSX Corp. reported first quarter net income of $240 million, down 2 percent from $245 million for the same period 2005.
   Consolidated operating income for surface transportation in the second quarter was $487 million, the same as in the prior-year quarter. On a consolidated basis, operating revenue was up 4 percent to $2.42 billion from $2.33 billion.
   Overall volumes were down by 4 percent compared to the first quarter of 2006, reflecting continued softness in the construction and automotive sectors, CSX said.
   “We are pleased that our Surface Transportation businesses continued to show very strong earning power in the face of modest economic headwinds,” said Michael J. Ward, CSX chairman and chief executive officer.