CSX scores huge income increase
Railroad earnings continue to be brisk, with CSX Corp. reporting net income from continuing operations of $108 million for the second quarter of 2001, up from $48 million a year ago. That’s an increase of over 120%.
“These results indicate clearly that the railroad has turned the corner and is starting to regain sustainable earnings momentum,” said John Snow, CSX chairman & CEO. “We are delivering much better service and value to our customers and believe we can grow revenues substantially when the economy emerges from its current doldrums.”
CSX’s railroad and intermodal operating income for the quarter totaled $242 million compared to $158 million last year and $182 million in the first quarter of 2001. Total CSX revenues for the quarter were $2.06 billion versus $2.07 billion a year ago. Railroad and intermodal accounted for $1.83 billion and $1.84 billion, respectively, of the total.