CSX second-quarter net earnings down $8 million
CSX Corp., based In Jacksonville, Fla., has reported second-quarter net earnings of $119 million, down from $127 million for the same period in 2003. The 2004 result includes a $9 million after-tax charge related to management restructuring.
CSX's operating income for surface transportation in the second quarter was $280 million, up $21 million from the prior-year quarter. Surface transportation revenue of $1.99 billion spurred the increase in operating income. On a consolidated basis, operating revenue was $2.03 billion in the second quarter, compared to $1.94 billion a year ago.
CSX noted merchandise revenue was up 7 percent and coal revenue was up 6 percent 'on strong yield and volume.'
'We are taking actions to improve our service and deliver more on the bottom line. Our management restructuring and organizational streamlining is now in place ' Our network redesign is underway to improve efficiency and reduce car miles and terminal handlings,' said Michael J. Ward, CSX chairman and chief executive officer.
'Looking ahead, we expect to see continued strong volumes across most of our markets,' Ward added.