(The following story by Kris Bevill appeared at EthanolProducer.com on April 24.)
CSX Corp., a Jacksonville, Fla.-based transportation company, announced record first quarter revenues due, in part, to the increased transport of ethanol.
According to a statement released by the company, CSX generated significant revenue growth in six of its 10 markets, resulting in first quarter revenues of $2.7 billion – a 12 percent increase from the first quarter of 2007. First quarter earnings were up 63 percent from last year. Total earnings at CSX for the first quarter of 2008 were $351 million.
Garrick Francis, corporate communications spokesman for CSX, told Ethanol Producer Magazine that agricultural revenue for the company was up 31 percent and ethanol revenue has doubled since 2007. “It’s fast growing and we see it as an area of continued growth, especially in the Southeast, where we are based,” he said.
Yield management and fuel recovery programs also attributed to the company’s record-breaking first quarter.
CSX is a provider of rail, intermodal and rail-to-truck transload services. The company operates a transportation network that spans 21,000 miles and services 23 states and the District of Columbia. While the company has no specific expansion plans for 2008, Francis confirmed that several CSX customers are expanding terminals on CSX lines this year in order to transport ethanol more efficiently. He expects CSX railroad customers in Tampa, Fla., and Charlotte, N.C., to complete terminal expansions later this year.