CSX reports first quarter profit up 30%
CSX said Tuesday it had a record first quarter net profit of $395 million, 30 percent more than in the same 2010 period.
The railroad said revenue for the period ending April 1 was $2.8 billion, 13 percent higher than the first quarter of 2010.
The company saw increases in volumes of all sorts of products, except agricultural products, which saw a 4 percent decline. Automobile volumes were up 20 percent.
Intermodal volumes grew 11 percent to 553,000 units, and intermodal revenues were up 4 percent to $332 million.
The company said strength in intermodal volume “was primarily driven by increased customer demand, the improving U.S. economy and new international gains as a result of the intermodal portfolio of service and network offerings.”
