CSX profit jumps on broad recovery
CSX Corp. said it had second quarter net profit of $414 million, 36 percent more than the $305 million earned in the same period last year as volumes and revenues from almost every cargo type improved.
Total revenue in the quarter ending June 25 was $2.7 billion, 22 percent higher than in the prior year period.
The company said intermodal revenue was up 7 percent to $304 million in the second quarter, and volume was up 18 percent. International intermodal volume increased due to new business and higher imports as a result of U.S. inventory replenishments. Domestic intermodal volume continued to grow with truckload conversions and expanded service offerings like the new UMAX program, which began during the quarter, CSX said.
UMAX, which was launched at the end of March, is a new domestic interline container program created by CSX Intermodal and Union Pacific Railroad, which the railroads say will provide customers access to more than 20,000 containers and expanded market reach across North America. They said it would feature more than 600 service lanes supported by faster and more frequent train schedules.
Automotive saw revenue jump 81 percent to $204 million, while volume rose 63 percent.
Coal, the company’s largest cargo type, generated $372 million in revenue during the quarter, a 21 percent increase on a 10 percent increase in volume.