CSX’s 3rd-quarter profit up 33%
Jacksonville-based CSX Corp. said Wednesday that “strong demand across all markets” helped it post a third-quarter net income of $164 million, up 33 percent from $123 million for the same period in 2004.
CSX’s operating income for surface transportation in the third quarter was $361 million, up 46 percent compared to the $247 million posted in the prior-year quarter. On a consolidated basis, operating revenue was up 9 percent to $2.12 billion from $1.94 billion.
CSX said the increase in revenue was helped by revenue increases in coal, coke and iron ore (up 17 percent); automotive (8 percent); merchandise (8 percent,); and intermodal (3 percent.)
For the year to date, CSX posted a net income of $908 million, up 234 percent from $272 million after nine months in 2004. Operating income improved 67 percent to $1.13 billion from $678 million. CSX’s revenues were up 9 percent to $6.39 billion from $5.86 billion.