CSX said it had a record third quarter profit of $464 million, 19 percent more than the $414 million earned in the same 2010 period.
Revenue was $2.96 billion for the period, 11 percent more than the $2.67 billion recorded in the third quarter of 2010.
The big increase in revenue came despite only a 1 percent increase in volume. Revenue per unit was up 10 percent.
The company said intermodal volume “was flat as growth in domestic shipments was offset by weakness in international volume. Domestic shipments increased as higher fuel prices led to over-the-road conversions. International volume declined due to difficult comparisons from an early peak shipping season in 2010, versus a later, more moderate peak shipping season this year.”
CSX said revenue per intermodal unit was up 15 percent, reflecting “higher fuel recovery due to rising fuel prices and yield improvement.”
CSX profits up 19% in Q3
