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UPDATE 1-CSX 4th-qtr profit misses Street expectations

Wednesday, 15 Jan 2014 | 4:36 PM ET

Jan 15 (Reuters) - CSX Corp posted a smaller fourth-quarter profit that missed Wall Street estimates by a cent, as coal volumes stayed weak and its shares fell 3 percent.

Coal shipments have been a problem for CSX and its competitor Norfolk Southern as the shift to natural gas caused utility coal stockpiles to surge as demand for coal from power producers declined.

For the fourth quarter ended Dec. 27, coal volumes for CSX fell five percent, while revenue fell nine.

Intermodal and chemical shipments were important factors contributing to CSX's growth in revenue and volumes for most of 2013.

CSX said it earned $426 million, or 42 cents a share, in the quarter, compared with $449 million, or 44 cents, a year ago.

Revenue increased 5 percent to $3.0 billion.

Analysts, on average, had been expecting the company to earn 44 cents a share, on revenue of $3.01 billion, according to Thomson Reuters I/B/E/S.

CSX, based in Jacksonville, Florida, is the first of the major U.S. railroads to report quarterly results.

Shares of the railroad, which CSX have risen almost 40 percent over the year and touched a 10 year high of $29.25 on Wednesday, while the benchmark S&P 500 rose 12 percent.

CSX shares were trading at $28.25 after hours after closing at $29.23 on the New York Stock Exchange.

  Price   Change %Change
CSX
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COAL
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