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CSX Corp. April 22 reported first-quarter net earnings of $25 million, operating income of $212 million and revenues of $1.96 billion compared with $20 million, $189 million and $2.03 billion, respectively, in first-quarter 2001.
For CSX Transportation and CSX Intermodal, first-quarter operating earnings totaled $194 million compared with $182 million last year. However, revenues dropped 3 percent and carloads, 4 percent.
"Our railroad and intermodal operations … continue to produce higher year-over-year earnings, reflecting stringent focus on costs and efficiencies gained from delivering high levels of service to customers," said John Snow, CSX Corp. chairman and chief executive officer, in a prepared statement.
CSXT carried fewer coal carloads because of a mild winter and recorded fewer merchandise shipments because of the economy.
"But margins were up as price increases were achieved in certain markets, fuel expenses were lower, and we realized the cost benefits of a smooth running railroad," said CSXT President Michael Ward.