CSXÆS 3RD-QUARTER NET INCOME UP 69%
CSX Corp. recorded third-quarter net income of $100 million, up 69 percent from the same period of 2000.
The Richmond, Va.-based company's 2000 third quarter included an after-tax gain of $365 million from the sale of the company’s contract logistics business. Excluding that gain, third-quarter 2000 net income was $59 million.
Revenue for the third quarter was $2.02 billion, down 1 percent from the same period of 2000. Operating income was $282 million, up 26 percent.
“Our railroad is operating at a very high level of efficiency. We are shedding costs, rate increases are holding and we are taking trucks off the road,” said John W. Snow, chairman and chief executive officer. “Even though we are expecting weak demand to continue for some time, I am confident CSX can sustain impressive earnings gains by continuing to focus on the basics of our business.”
Third-quarter operating income at CSX’s rail and intermodal businesses totaled $237 million, up from $190 million a year ago. While carloads were down 2.6 percent, revenues were about the same for both periods, approximately $1.8 billion. Rail operations showed an operating income of $200 million, up from $163 million for the year earlier period, as the operating ratio improved 2.5 percentage points to 86.6 percent.
For CSX Intermodal, operating income rose to $37 million, from $27 million, on revenue of $286 million. The unit's operating ratio improved to 387.1 percent, from 90.6 percent.
CSX Lines, the domestic container carrier, had operating income of $17 million for the third quarter compared to $7 million a year ago. CSX World Terminals income was $20 million, up from $19 million in the 2000 quarter, despite a weak global container environment.
Through the first nine months of 2001, CSX Corp. reported net income of $228 million, up 97 percent from the same period of the year before. The company's year to date total revenue of $6.1 billion was slightly lower than $6.14 recorded in the same period the year before. Operating income rose 25 percent to $736 million.
CSX Corp., based in Richmond, Va., operates the largest rail network in the eastern United States and also provides intermodal, domestic container shipping and international terminal management services.