CSX second quarter profits soar 36pc to US$414 million

CSX Corporation has posted a second quarter net profit of US$414 million, an increase of 36 per cent compared to the same period last year on the back of higher volumes and revenues.

Second quarter revenue was $2.7 billion, up 22 per cent year on year, reports the American Shipper. The company said intermodal revenue was up seven per cent to $304 million in the second quarter, and volume was up 18 per cent.

Higher international intermodal volume was attributed to new business and growing import volumes as a result of US inventory replenishments. Domestic intermodal volume continued to grow with truckload conversions and expanded service offerings such as the new UMAX programme, launched in March.

UMAX is a new domestic CSX-Union Pacific interline container programme to eventually provide customers access to more than 20,000 containers as well as expanded market reach across North America. The operators said it would feature more than 600 service lanes supported by faster and more frequent train schedules.
(Source:www.schednet.com)