CSX Net Income Rises 1.5%
CSX Corp. reported second-quarter net income rose 1.5% to $529 million, or 53 cents per share, helped by revenue increases in the intermodal, chemicals and agricultural products freight.
Revenue rose 7% to $3.24 billion from $3.05 billion for the Jacksonville, Florida-based railway. In the year-earlier period, net income was $521 million, or 51 cents per share.
Intermodal revenue rose 6% to $449 million, reflecting a 7% rise in truck-rail shipments. Chemicals revenue climbed 17% to $556 million, and agricultural products increased 15% to $285 million.
“With the broad-based economic momentum we are seeing, the core earning strength of this company is improving and driving value for shareholders,” CEO Michael Ward said in a statement.
CSX also said it was increasing 2014 capital spending, after an 8% rise in freight volume during the second quarter.
