CSX today reported third quarter profit of $463 million, up 1.7 percent from $455 million in the same period last year.
The quarterly performance was supported by “strong” operating results and higher revenues that included benefits from customer contract settlements, CSX said in a written statement. Quarterly revenue was $3 billion, driven by higher volume and pricing gains in merchandise and intermodal, offsetting declines in coal revenue.
“CSX posted historically high financial results as it continued to effectively manage ongoing challenges in the coal market and leverage growth opportunities in merchandise and intermodal,” Chairman, President and CEO Michael J. Ward said in the statement. “The third quarter performance is an ongoing reflection of the company’s ability to capitalize on the modest improvement in the economy with a relentless focus on customer service and asset efficiency.”
The third quarter growth represents a slowdown from the second quarter, when profit increased 4.5 percent year-over-year, and the 2 percent rise in the January-March period. The company said it expects full-year 2013 earnings to be up slightly from 2012 levels. CSX also noted that it remains on target to achieve its goal of sustaining a high-60s operating ratio by 2015, while remaining focused on attaining a mid-60s operating ratio over the longer term.