Railroads report big profit gains
Eastern U.S. railroads reported big profit gains this week.
CSX said it had net profit of $1.56 billion in 2010, a 37 percent increase over 2009. Revenue was up 18 percent to $10.6 billion.
The company said it expected to report record results in 2011.
For all freight types, revenue per unit was up 7 percent and volume was up 10 percent in 2010 over 2009. Intermodal revenue rose 9 percent in 2010 because of a 17 percent increase in volume offsetting a 7 percent decline in revenue per unit.
Norfolk Southern said it had net profit of $1.5 billion in 2010, 45 percent more than in 2009. Railway operating revenue was $9.5 billion in 2010, 19 percent more than in 2009.
For the year, intermodal revenue was $1.8 billion, up 17 percent compared with 2009. Intermodal traffic volume increased 16 percent for 2010 compared with the same periods of 2009.