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CSX Transportation
Rail News: CSX Transportation
4/28/2004
Rail News: CSX Transportation
CSX posts record first-quarter surface transportation revenue
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Today, CSX Corp. reported record first-quarter surface transportation revenue of $1.92 billion, which increased $82 million compared with first-quarter 2003.
The revenue surge helped CSX increase quarterly surface transportation operating income 21 percent to $204 million. Also, CSX Transportation's quarterly operating ratio improved 1.5 points to 89.3 compared with the same 2003 period.
"We are pleased by the record revenue growth in the first quarter delivered by our surface transportation units," said CSX Chairman and Chief Executive Officer Michael Ward in a prepared statement. "This effort reflects our success in both value pricing and business growth through modal conversions, new product offerings and the creation of new markets for rail service."
On a consolidated basis, CSX's quarterly revenue of $1.96 billion dropped about 3 percent compared with first-quarter 2003's $2.02 billion. Operating income fell 9 percent to $161 million but operating expenses dropped 2 percent to $1.8 billion
"I see the strengthening economy and improved industrial production levels as terrific opportunities to continue our record of revenue increases," said Ward. "At the same time, we'll be working to overcome continued service challenges and deliver consistent, continuous improvement in our operating and financial measures."
The revenue surge helped CSX increase quarterly surface transportation operating income 21 percent to $204 million. Also, CSX Transportation's quarterly operating ratio improved 1.5 points to 89.3 compared with the same 2003 period.
"We are pleased by the record revenue growth in the first quarter delivered by our surface transportation units," said CSX Chairman and Chief Executive Officer Michael Ward in a prepared statement. "This effort reflects our success in both value pricing and business growth through modal conversions, new product offerings and the creation of new markets for rail service."
On a consolidated basis, CSX's quarterly revenue of $1.96 billion dropped about 3 percent compared with first-quarter 2003's $2.02 billion. Operating income fell 9 percent to $161 million but operating expenses dropped 2 percent to $1.8 billion
"I see the strengthening economy and improved industrial production levels as terrific opportunities to continue our record of revenue increases," said Ward. "At the same time, we'll be working to overcome continued service challenges and deliver consistent, continuous improvement in our operating and financial measures."
