CSX records profit increase from continuing operations
CSX Corp. reported profit from continuing operations for the third quarter ending Sept. 26 of $382 million, versus $297 million in the same 2007 period.
The 2007 result excludes $110 million it earned from “discontinued operations.” That amount was an income tax benefit “primarily associated with the resolution of income tax matters related to former activities of the container shipping and marine service businesses.” CSX had been parent of Horizon Lines before it was sold in 2003 to the Carlyle Group.
Revenue was $2.96 billion for the quarter compared to $2.50 billion in the same 2007 period.
“CSX delivered impressive financial results in a challenging economy,” said Michael J. Ward, chairman, president and chief executive officer.
The company said nine of its 10 market segments produced revenue gains, led by shipments of export coal, grain, ethanol and metals, as well as strong yields and fuel recovery in all markets.
The company’s intermodal results reflected better pricing. For the quarter, international intermodal volumes were down 8 percent, but revenues were up 6 percent. Domestic intermodal volumes were up 10 percent and revenues were up 26 percent.