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Rail News: CSX Transportation

CSX, KCS post progress in quarterly, first-half financial reports


Quarterly rail and intermodal operating income of $293 million helped boost CSX Corp.'s second-quarter net income to $135 million, which rose 24 percent compared with second-quarter 2001's $108 million, according to financial results released July 25.

CSX's quarterly total revenues increased slightly to $2.07 billion compared with $2.06 billion last year.

"Even though combined rail and intermodal volumes were up slightly, expenses were down $44 million from a year ago," said Michael Ward, who earlier this month was named CSX president, in a prepared statement. "Lower fuel costs were a factor, but much of our progress on the cost side is coming from running a safer, better, more reliable railroad for our customers."

For the year's first half, CSX reported $533 million in operating income and $160 million in net earnings, compared with $454 million and $128 million, respectively, last year.

CSX Transportation's quarterly operating ratio of 84 was 2.8 points better than second-quarter 2001's 86.8; its first-half operating ratio of 86.4 improved 1.9 points compared with last year's 88.3.

Meanwhile, Kansas City Southern July 24 reported second-quarter operating income of $14.5 million, net income of $14.5 million and revenues of $137.9 million, compared with $12.9 million, $4.7 million and $143.2 million, respectively, last year.

For the first half, KCS reported operating income of $27.9 million, net income of $26.2 million and revenues of $280.4 million, compared with $19 million, $10.6 million and $287.2 million, respectively.

The Class Is' quarterly operating ratio improved to 86.5 compared with last year's 88.1, as did its first-half operating ratio, 86.9, compared with first-half 2001's 91.1.

"Efforts to maintain our cost structure have proven effective as operating income for both the second quarter and year-to-date 2002 has increased compared to those same periods in 2001, despite revenue declines in both
periods," said Michael Haverty, KCS chairman, president and chief executive officer, in a prepared statement. "Even in these uncertain
economic times, we believe that opportunities exist to grow revenue. We will continue to implement targeted rate increases when possible and increase traffic volumes with new as well as existing customers."

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More News from 7/25/2002