CSX up 48 per cent to US$430 million, but boxes hit by pricing

US EASTERN railway CSX 2010 profits increased 48 per cent to US$430 million, though intermodal revenue growth slowed to five per cent, making $350 million, as weak pricing cut into a 17 per cent volume gain.

Average revenue per unit actually fell 10 per cent to $573, driven by the continued impact of terminating the interline agreement with intermodal marketing company Pacer.

Group revenue for the full year was $10.6 billion, up 18 per cent from 2009. Operating income rose 35 per cent to $3.1 billion, and net profit rose 35 per cent to a record $1.56 billion.

The company expects earnings growth to continue and plans to invest $2 billion this year, about two-thirds of which will be spent on infrastructure and rolling stock.

"This investment will further strengthen our company's transportation network and enhance our ability to reliably serve America's freight transportation needs," said chairman Michael Ward.