CSX Corp. announced third quarter earnings of $414 million, or $1.08 per share, versus $290 million, or $0.73 per share, in the same period last year. This represents a 48 percent year-over-year improvement in earnings per share and a third quarter record for the company.
Third quarter revenue increased 16 percent from the prior year to nearly $2.7 billion on a 10 percent overall increase in volume. Revenue growth and continued operating leverage drove a 39 percent increase in operating income to $825 million, and a 490 basis point improvement in the operating ratio to 69.1 percent.
CSX saw its intermodal volume up 19 percent for the quarter compared to the third quarter of 2009, while intermodal revenue of $318 million was up 6 percent from 2009's third quarter.
Intermodal revenue gains during the quarter were driven by volume growth. International volume increased due to new business, U.S. inventory replenishments, and early holiday shipping. Domestic volume continued to grow with truckload conversions and expanded transcontinental service offerings. A revenue-per-unit decline was driven by the continued impact of terminating the prior interline agreement and was partly offset by increased fuel recovery and an improved pricing environment.
The company announced plans to raise its 2010 capital investment to approximately $1.8 billion, up from the previously announced $1.7 billion.
CSX Corporation, based in Jacksonville, Fla., provides rail, intermodal and rail-to-truck transload services.