CSX holds its own

INCREASED shipments of export coal helped CSX post a small increase in net earnings in the second quarter even as loadings of domestic utility coal continued to decline.
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Image courtesy of CSX

Justin Niessner

The rail shipper announced a net earning of $512 million on the period up 1.2% compared to the same time last year.

Essentially flat revenue and volumes indicated an equilibrium between increased shipments of export coal and automotive products and dwindling traffic of domestic use coal, which otherwise accounts for about a fifth of company cargo.

“CSX delivered its tenth straight quarter of year-over-year earnings growth despite significant headwinds in its utility coal business,” CSC chairman, president and chief executive Michael Ward said.

“The company continues to perform well across a wide range of economic and market conditions.”

The company cited increased operational efficiency for overcoming a slump in coal movement, focusing on safety progress amid a recent flurry of deadly coal train derailings in the US and abroad.

“This team remains focused on the safety of our employees and communities, service to our customers, and productivity in our operations,” Ward said.

“CSX employees delivered record employee safety results and a significant improvement in the train accident rate.”

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