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10/24/2002



Rail News: Rail Industry Trends

Although CSX Corp.'s third-quarter earnings sparkle, rail and intermodal units' income fades


On Oct. 24, CSX Corp. reported third-quarter net income of $127 million, up 27 percent compared with $100 million in third-quarter 2001.


However, CSX Transportation and CSX Intermodal reported quarterly operating income of $227 million — a 4 percent decline compared with $237 million last year, primarily because of weak coal demand and higher operating costs, according to a prepared statement. And CSXT's third-quarter operating ratio of 87.2 worsened compared with an 86.6 ratio during the same 2001 quarter.


"The rail group's performance in the third quarter marked a departure from the consistent year-to-year gains we have been seeing for the past two years," said CSX Chairman and Chief Executive Officer John Snow, adding that the company expects the group to post better fourth-quarter results.


CSX also reported $2.06 billion in quarterly revenue, a modest increase compared with $2.02 billion in third-quarter 2001. CSXT's and CSXI's $1.79 billion in revenue during that span was flat compared with last year.


During the year's first nine months, CSX earned $809 million in operating income compared with $736 million last year, and $6.09 billion in operating revenue compared with $6.10 billion in 2001.


Also between January and September, CSXT earned $609 million in operating income, increasing from $585 million, and posted an 86.5 operating ratio compared with 87.2 last year.


Contact Progressive Railroading editorial staff.

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