Thursday, July 19, 2012
CSX improves profits in Q2 with auto shipments, intermodal offsetting coal slump
CSX, the largest railroad on the U.S. eastern region, reported better than expected second quarter profits, offsetting declining domestic coal loads with an increase in consumer goods sectors, including auto and intermodal shipments.
CSX income, which dropped 14 percent in the coal segment, jumped 10 percent in intermodal shipping and 34 percent in auto shipping.
"Once you strip out coal, total volumes are up 4.1 percent," said Logan Purk, an Edward Jones analyst, to Reuters. "There's healthy growth in the portfolio, and that's fueled by intermodal and automotive for the most part."
Net income increased to 49 cents per share, or $512 million, from 46 cents per share, or $506 million, year on year, according to this week's CSX announcement. Wall street analysts had predicted the company would land at 47 cents a share in Q2, reports Reuters.
For more of this Reuters article: reuters.com
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