JACKSONVILLE, Fla. (AP) — CSX Corp. officials are optimistic about the railroad's long-term results, but its third-quarter profit will likely be relatively flat.
The Jacksonville, Florida-based railroad discussed its second-quarter results Wednesday, one day after reporting the results.
The railroad saw a surge in demand for most of what it hauled during the second quarter at the same time it was dealing with a backlog of shipments delayed by severe winter weather.
CSX expects volume to continue growing, and it's investing an additional $100 million in equipment to handle that. But officials expect only modest profit growth this year with most of that coming in the fourth quarter.
CSX said Tuesday its second-quarter profit improved 2 percent to $529 million, or 53 cents per share, from $521 million, or 51 cents per share, last year.
Its shares slipped 7 cents to $31.08 in morning trading Wednesday.