CSXÆs 1ST-QUARTER EARNINGS DOWN 31% DESPITE BOOST IN COAL BUSINESS
CSX Corp. mentioned Monday that first-quarter internet income dipped 31.0 % to $20 million, regardless of a 14-percent build up in core railroad and intermodal working source of revenue.
The Richmond, Va.-based dad or mum of CSX Transportation, reported first-quarter working source of revenue of $189 million, down from $174 million a 12 months in the past, on earnings of $2.03 billion in each years.
On the other hand, the development used to be offset by way of $31 million in “different bills,” which basically associated with write-downs of positive non-rail belongings. That overall in comparison to $5 million in “different bills” within the first quarter of 2000.
John W. Snow, chairman and leader government officer, mentioned CSXT’s control has been running to make the railroad extra environment friendly whilst assembly customer support expectancies.
“With higher carrier, we now have been ready to boost charges selectively and convey new merchandise to our markets, regardless of the slowdown in call for,’ he mentioned. ‘We’re profiting from the expanded community advantages of the Conrail merger and wearing extra freight that previously moved at the highways.”
Snow mentioned a vibrant spot for CSXT used to be the rise in call for for coal, which has offset sagging volumes in automobile, metals and intermodal markets.
“Application call for is phenomenally robust and must stay so all the way through 2001,” he mentioned. “We’re inspired by way of indicators that policymakers and effort planners are taking into account higher use of coal to lend a hand deal with the country’s power issues.”
Mixed working source of revenue for CSXT and CSX Intermodal used to be $182 million, up from $160 million closing 12 months, on earnings of $1.8 billion in each years. Revenues and income for CSX’s terminal (CSX Terminals) and home service delivery enterprise (CSX Traces) had been down from the year-earlier quarter.
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