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Rail News: CSX Transportation
4/28/2005
Rail News: CSX Transportation
CSX stays its 'continuous improvement' course by increasing quarterly income and revenue, decreasing costs and operating ratio
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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.”
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.”
