(The following Associated Press article was posted on the New York Times’ website on April 30.)
JACKSONVILLE, Fla. — CSX Corp., which owns the largest rail company in the eastern United States, said Wednesday its first quarter profit climbed nearly fourfold as revenue increased.
CSX earned $99 million, or 46 cents per share, for the January-March period compared with $25 million, or 12 cents per share, a year ago.
Excluding a one-time accounting gain, CSX earned 20 cents a share in the latest quarter. That beat the consensus forecast of 17 cents a share by analysts surveyed by Thomson First Call.
Revenues were $2.02 billion versus $1.96 billion a year ago with operating income of $177 million compared to $212 million in first quarter of 2002.
“We are excited by these revenue gains and the increased confidence that customers are placing in us,” said Michael J. Ward, CSX chairman and chief executive officer.
Operating income for the Jacksonville-based company’s rail and intermodal units was $169 million compared to $194 million in the first quarter of 2002. The decline was primarily due to increased fuel costs and extraordinarily harsh winter weather. Intermodal is a way of transporting freight over water, highway and rail without being removed from the original container or trailer.
CSX provides rail transportation services over a 23,000 route-mile network in 23 states, the District of Columbia and two Canadian provinces. It also provides intermodal and global container terminal operations.
CSX shares rose 56 cents, or 1.8 percent, to close Wednesday at $31.98 on the New York Stock Exchange.