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Rail News: CSX Transportation

CSX stays its 'continuous improvement' course by increasing quarterly income and revenue, decreasing costs and operating ratio


CSX Transportation’s operational woes that have lingered through 2004 and into 2005 didn’t dampen the Class I’s first-quarter financial results. Today, CSX Corp. reported record surface transportation operating income of $351 million, a more than 200 percent increase compared with $151 million in first-quarter 2004. In addition, CSXT’s quarterly surface transportation operating ratio of 83.3 improved 6.1 points.

When adjusted for a 2004 management restructuring charge, surface transportation operating income still increased 72 percent compared with last year. Quarterly surface transportation revenue of $2.1 billion rose 11 percent, driven by 20 percent and 8 percent gains in coal and merchandise markets, respectively.

CSX also was able to reduce quarterly surface transportation expenses 2 percent to $1.75 billion.

"CSX continued on its path of consistent, continuous improvement, producing year-over-year growth in core earnings for the fifth consecutive quarter," said CSX Chairman, President and Chief Executive Officer Michael Ward in a prepared statement. "The company remains focused on continuing to drive improvements in its operational and safety performance, sustaining its top-line performance by pricing our service to market levels, and improving our bottom-line performance through better cost discipline.”

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More News from 4/28/2005