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Today, CSX Corp. reported $1.9 billion in third-quarter surface transportation revenue, a 5 percent increase compared with third-quarter 2003. Coal and merchandise revenue rose 10 percent and 6 percent, respectively.

The company also earned $264 million in quarterly consolidated income and $123 million in net earnings compared with net losses of $98 million and $103 million, respectively, last year. CSX also reduced quarterly operating expenses 13.5 percent to $1.7 billion. However, the company's surface transportation operating ratio worsened 0.7 points to 87.1.

"This is the third-consecutive quarter in which CSX delivered consistent, continuous improvement in year-over-year surface transportation operating income," said CSX Chairman, President and Chief Executive Officer Michael Ward in a prepared statement. "In addition, it is the tenth-consecutive quarter that the company has demonstrated revenue growth, reflecting the strength in the economy and the importance of rail transportation."

During 2004's first nine months, CSX increased operating revenue about 2.5 percent to $6 billion and operating income, about 97 percent to $716 million compared with the same 2003 period. The company also reduced operating expenses 4 percent to $5.3 billion.