CSX reports 28 percent hike in profits
CSX Corp. reported second quarter profit of $506 million, 28 percent more than the $414 million earned in the same 2010 period.
Revenue was $3 billion for the quarter that ended July 1, 13 percent more than the $2.7 billion in the comparable 2010 period. The company said there were “increases across all major markets — merchandise, intermodal and coal. Overall revenues were driven by volume growth, pricing that reflects the value of freight rail transportation, and recoveries that offset higher fuel prices.”
The company said it moved 1.6 million units in the second quarter of 2011, 3 percent more than in the same 2010 period. Revenue per unit was $1,834, 10 percent more than in the same 2010 period.
Intermodal volumes increased 8 percent to 581,000 units, benefiting from what the company said was “international growth on solid economy” and customer gains. The company said domestic volume grew in a tightening truck market. 53 percent of CSX’s intermodal business is domestic and 47 percent international.
It said it expected intermodal growth to continue to be driven by increasing imports and conversion of truck freight.
CSX said second quarter intermodal revenue was $376 million, up 24 percent over the $304 million in revenue in the second quarter of 2010. Pricing per intermodal unit increased 15 percent to $647 per unit.