Rail transporter CSX Corp. (CSX), said Tuesday its profit for the second quarter increased 22 percent from the prior year, with improved shipments across major markets and better price realizations leading to a 13 percent growth in revenues. The company's quarterly earnings as well as revenues topped Street estimates.
The Jackson, Florida-based company posted a profit of $506 million or $0.46 per share, up from $414 million or $0.36 per share last year.
On average, 29 analysts polled by Thomson Reuters expected earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
CSC Chief Executive Michael Ward said, "As our markets continue to expand, CSX is delivering outstanding results for shareholders. At the same time, we are taking a number of actions to position the operations for greater customer demand, now and over the long-term."
Revenue in the quarter improved 13 percent to $3.0 billion from $2.66 billion last year, aided by increases across all major markets - merchandise, intermodal and coal.
CSX said growth was driven by volume improvements, pricing that reflects the value of freight rail transportation, and recoveries that offset higher fuel prices.
At merchandise segment - comprising agricultural, industrial and construction products and which forms the bulk of business, - revenues increased 11 percent to $1.61 billion. Coal was higher by 15 percent at $958 million. At intermodal business, which involves the use of more than one mode of transport, revenues grew 24 percent to $376 million.
With regard to price realizations, merchandise revenue climbed 8 percent to $2,381 per unit, while coal improved 19 percent to $2,469 per unit. Intermodal was higher by 15 percent at $647 per unit.
Total merchandise shipments for the quarter edged up 3 percent to 677 thousand units. The company said volumes improved across most markets, with the greatest impact felt in forest products, food & consumer and metals.
Coal shipments dipped 3 percent to 388 thousand units as shipments of utility coal declined on weak natural gas prices and above normal utility stockpiles. Intermodal shipments gained 8 percent to 581 thousand units.
Operating ratio, a vital measure to gauge transportation companies' performance, improved 190 basis points to 69.3 percent from 71.2 percent in the same quarter last year.
Meanwhile, total revenue ton miles, or RTM for the quarter edged up 1 percent to 58.2 billion from 57.8 billion RTM last year. RTM refers to the sum of ton-miles handled, calculated using the total weight of the commodities in the cars of the trains moved.
During the quarter, CSX spent more towards fuel at $431 million from $304 million last year, due to a 39 percent increase in average price per gallon as well as higher volumes.
CSX closed Tuesday's regular trade at $25.48, up $0.29 or 1.15%, on a volume of 9.8 million shares on the NYSE. In after hours, the stock climbed $0.31 or 1.22%.
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