CSX Corp. reported increased net income in the first quarter even as the amount of cargo it moved in most of its market segments declined from 2021.
In its earnings report issued after stock markets closed Wednesday, CSX reported earnings of $859 million in the quarter, up from $706 million in the first quarter of last year.
Coal volumes decreased by 10% year over year, but income from the coal segment increased by 39%. The company said domestic coal shipments decreased “due to lower shipments of utility coal as well as lower steel and industrial shipments. Export coal decreased due to lower international shipments of thermal coal.” Exports were hampered by reduced capacity at Curtis Bay coal pier in Baltimore because of the continued outage at a portion of the facility, CSX said.
“Higher export benchmark pricing more than offset lower shipments of domestic coal and international thermal coal,” the company said in its report.
As with coals, the metals and equipment segment saw volumes fall by 3% but revenue increase by 6%.
CSX said its fuel surcharge revenue increased by $240 million in the quarter, and those revenues were spread across the individual markets.
“We delivered a solid quarter thanks to the strong efforts of CSX’s railroaders,” James M. Foote, president and chief executive officer, said in the earnings report. “Our market environment continues to be supportive, and we expect our hard work to deliver improved fluidity across our network over the rest of the year while positioning us to capture opportunities for future growth.”
CSX is based in Jacksonville, Florida. It has a locomotive heavy repair and rebuild operation in Huntington and a trainyard at Russell, Kentucky. Last year it acquired Quality Carriers, which operates the most extensive build tank trucking fleet in North America. Quality Carriers has a terminal along W.Va. 25 east of Nitro.