CSX profits increase 5%
Jacksonville-based CSX Corp. today reported a 5 percent increase in profits for the fourth quarter, noting increased volumes and improved productivity surpassed the impact of rising fuel costs.
Net earning increased to $365 million from $347 million for the fourth quarter of 2006. The company said revenue was $2.58 billion, up from $2.4 billion for the quarter a year ago. Operating income increased 26 percent to a record $2.2 billion.
CSX said that while key housing and automotive sectors slowed during the quarter, merchandise revenue increase 7 percent. Agriculture, phosphate and chemical shipments increased as well, in part due to increased corn production for making ethanol.
'It was another great quarter and another great year for CSX,' said Michael Ward, chairman, president and chief executive officer.
CSX profits increase 5%
