CSX reports higher 2nd quarter profit

CSX reports higher 2nd quarter profit CSX Corp. reported second quarter net profit of $385 million 19 percent more than the $324 million it earned in the comparable 2007 period.
   Revenue for the period ending June 27 was a record $2.9 billion, up 16 percent from $2.5 billion in 2007.
   “Sustained strong demand for export coal, grain, ethanol, metals and phosphates and fertilizers, as well as solid yield management, continued to lead significant revenue growth across CSX’s markets,” the company said.
   Although international intermodal cargo volume was down 13 percent in the quarter, revenue from that segment was down only 2 percent as it was able to increase revenue per unit by 12 percent, CSX said.
   For domestic intermodal cargo, volume was up 12 percent and revenue was up sharply 22 percent as it increased revenue per unit by 9 percent.