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5/1/2003



Rail News: Rail Industry Trends

Fuel, winter weather-related expenses contract CSX's first-quarter earnings


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Similar to other Class Is, rising fuel costs (up $54 million year-over-year) and severe winter weather affected CSX Corp.'s first-quarter financial performance. Operating expenses increased $87 million to $1.83 billion, operating income fell $35 million to $177 million and CSX Transportation's operating ratio worsened 1.9 points to 90.8 compared with first-quarter 2002.


However, quarterly operating revenue increased $52 million to $2.01 billion and surface-transportation operating income — including CSXT and CSX Intermodal — rose $25 million to $194 million compared with the same 2002 period.


"In a fairly stagnant economy, we were able to post solid revenue gains in the merchandise and intermodal segments, reflecting favorable mix and continued success in our pricing program and our efforts to convert truck traffic to rail," said CSX Chairman and Chief Executive Officer Michael Ward in a prepared statement. "Our service measurements are now moving in the right direction — I am optimistic that the fluidity of our network will be restored and that the first-quarter hurdles are largely behind us."


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