CSX 3rd quarter profit up 24%

CSX 3rd quarter profit up 24% Jacksonville, Fla.-based CSX Corp. improved its third-quarter net income to $407 million, up 24.1 percent from $328 million in the same quarter last year.
   “Our core earning power continues to improve in a more challenging transportation environment,” said Michael Ward, CSX’s chairman, president and chief executive officer.
   The company’s operating income for surface transportation in the third quarter was $552 million, up 12.8 percent compared to the $489 million posted in the prior-year quarter. Both quarters included insurance recoveries of $1 million and $15 million, respectively. Excluding the insurance recoveries, operating income rose 16 percent on a year-over-year basis.
   Revenue was up 3 percent to $2.5 billion driven by an 8 percent improvement in revenue per unit, offsetting a 4 percent decline in volume.
   After nine months, CSX posted net income of $971 million, up 0.8 percent from $963 million a year ago. Operating income improved 1.3 percent to $1.65 billion from $1.63 billion. CSX’s revenues were up 3.9 percent to $7.45 billion against $7.17 billion.