July 22 (Reuters) – U.S. railroad operator CSX on Wednesday reported a rise in second-quarter profit and revenue, as strong intermodal shipments and higher pricing helped offset a challenging freight environment.
Shares of the company were up 3% after the bell.
• The rail industry has benefited from resilient intermodal demand linked to consumer spending, allowing operators such as CSX to weather a prolonged downturn in coal traffic and weakness across parts of the industrial economy.
• Intermodal volume is the amount of freight moved using multiple modes of transportation, such as rail, truck, and ship, without handling the cargo itself when switching modes.
• Total fuel expenses rose to $446 million during the reported quarter from $269 million a year ago.
• The Jacksonville, Florida-based company’s second-quarter revenue rose 10% to $3.94 billion from a year earlier.
• It reported a quarterly net income of about $1 billion, or 54 cents per share, compared with $829 million, or 44 cents per share, a year earlier.
(Reporting by Apratim Sarkar in Bengaluru; Editing by Shailesh Kuber)
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