CSX today reported its profit rose 4.5 percent in the second quarter, from $512 million in 2012 to $535 million in 2013.
The year-over-year gain was supported by overall revenue growth; service and efficiency results; and a few additional items, such as tax and real estate, which benefitted the quarter, according to the Class I railroad.
Quarterly revenue was nearly $3.1 billion, increasing slightly from the same quarter in the previous year, driven by increases in volume and pricing. CSX noted that growth in merchandise and intermodal volume more than offset declines in coal.
The operating ratio in the second quarter was 68.6 percent, keeping the company on track to achieve its goal of sustaining a high-60s operating ratio by 2015, and operating income was $963 million.
“CSX continues to drive solid growth in many of its markets and is encouraged by the team's sustained track record of delivering excellent operating performance in a wide range of market conditions,” said Michael J. Ward, chairman, president and CEO, in a written statement. “We remain sharply focused on creating strong, sustained value for customers and shareholders, as the economy appears to be slowly gaining strength.”