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The U.S. Supreme Court reversed a ruling that offered railroads the prospect of a multimillion-dollar victory in a dispute over the different fuel taxes the states impose on trains, trucks and cargo ships.

CSX Corp. said its board of directors unanimously elected Oscar Munoz as president, effective immediately, and that he will remain chief operating officer.

CSX Corp. matched analysts’ profit estimates as the U.S. economic recovery boosted demand for consumer goods moved by rail while crude shipments kept growing amid the global rout in prices.

CSX’s net income increased to $509 million, or 51 cents a share, from $455 million, or 45 cents, a year earlier.

CSX Corp. reported second-quarter net income rose 1.5% to $529 million, or 53 cents per share, helped by revenue increases in the intermodal, chemicals and agricultural products freight.

Freight railroad CSX Corp. said its first-quarter and full-year 2014 earnings will be lower than previously expected because of severe weather early in the year.

CSX Corp. said Jan. 15 its fourth-quarter profit fell slightly from a year ago, but its revenue and volume increased.