CSX reports record 3rd quarter profit
CSX Corp. said it had third quarter net profit of $414 million, a 43 percent increase over the prior year and third quarter record for the company.
Revenue for the quarter ended Sept. 24 increased 16 percent from the prior year to nearly $2.7 billion on a 10 percent overall increase in volume.
The company said intermodal volume was up 19 percent from the third quarter of 2009, but that intermodal revenue was up just 6 percent as revenue per unit fell 11 percent.
“International volume increased due to new business, U.S. inventory replenishments, and early holiday shipping,” the company said. “Domestic volume continued to grow with truckload conversions and expanded transcontinental service offerings. The revenue-per-unit decline was driven by the continued impact of terminating the prior interline agreement and was partly offset by increased fuel recovery and an improved pricing environment.”