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CSX 4Q profit declines 5 percent but beats forecasts

FILE - In this March 21, 2014, file photo, CSX hopper cars sit in a yard in Baltimore. CSX Corp. reports quarterly financial results on Tuesday, Jan. 12, 2016. (AP Photo/Patrick Semansky, File)
FILE - In this March 21, 2014, file photo, CSX hopper cars sit in a yard in Baltimore. CSX Corp. reports quarterly financial results on Tuesday, Jan. 12, 2016. (AP Photo/Patrick Semansky, File) FILE - In this March 21, 2014, file photo, CSX hopper cars sit in a yard in Baltimore. CSX Corp. reports quarterly financial results on Tuesday, Jan. 12, 2016. (AP Photo/Patrick Semansky, File)

By Associated Press 2 min read

OMAHA, Neb. (AP) – CSX Corp. says its fourth-quarter profit declined 5 percent as coal demand remained weak and total volume slipped 6 percent.

The results raise questions about the health of the overall economy because the Jacksonville, Florida-based railroad hauled less of most categories of freight in the quarter.

“With negative global and industrial market trends projected for 2016, full-year earnings per share are expected to be down compared to 2015,” CSX Chairman and CEO Michael Ward said.

CSX pledged to continue working to cut costs.

CSX said it earned $466 million, or 48 cents per share, in the last three months of 2015. That’s down from $491 million, or 49 cents per share, a year ago.