CSX CORP. REBOUNDS IN SECOND QUARTER

CSX CORP. REBOUNDS IN SECOND QUARTER

   CSX Corp. said Thursday its second-quarter net income jumped 125 percent to $108 million, on strong rail and intermodal operating results.

   Total revenue for the quarter was $206 billion down slightly from the second quarter of 2000.

   Operating income from CSX Transportation and CSX Intermodal was a combined $242 million in the second quarter, compared to $158 million in the year-earlier period. The two units combined for revenue of $1.83 billion down $12 million.

   Volumes were down 3 percent, while revenues were down only 1 percent, due to offsetting pricing initiatives, particularly in phosphates and fertilizers, metals, and paper and forest products, CSX said. Only food and consumer and agricultural products improved in volumes and revenues in the quarter. Declines in automotive and intermodal volumes shrank in comparison to first quarter results.

   CSXT saw operating income of $219 million, up 58.7 percent, on revenue of $1.56 billion, down slightly. CSX Intermodal's operating income improved 15.0 percent to $23 million, on revenue of $271 million, down 6.9 percent.

   Second-quarter earnings from marine operations were $25 million, up 13.6 percent, on revenue of $235 million, down from $237 million. Operating income for the domestic container shipping division, CSX Lines, rose 75 percent to $7 million, on revenue of $168 million, up 3.7 percent. CSX World Terminals' operating income was flat, at $18 million, while revenue fell 10.1 percent.

   For the first six months of 2001, CSX's net income was $128 million, up 75.3 percent from 2000, while operating revenue was $4.08 billion, compared to $4.11 for the year-earlier period.