CSX said Thursday that its profit slipped 2% in the fourth quarter as the railroad dealt with weak demand and severance costs from layoffs that new CEO Steve Angel carried out last fall.

The Jacksonville, Florida-based railroad said it earned $720 million, or 39 cents per share, in the quarter. That’s down from $733 million, or 38 cents per share.

But the results were weighed down by about $50 million in one-time costs that drug down profits by 2 cents per share. Without that, the numbers would have been inline with the 41 cents per share that the analysts surveyed by FactSet Research had predicted.

“This has been a challenging year for CSX and for our industry overall, with subdued demand and limited growth opportunities,” CEO Steve Angel said. CSX said its revenue slipped 1% to $3.51 billion in the quarter.