CSX Corp, reported a 40 percent increase in third-quarter profits to $382 million, or 94 cents a share, for the period ended Sept. 30 despite the gloomy national economy.
"In today's environment, manufacturers and distributors are highly focused on gaining greater efficiency in their supply chains, and railroads offer them the best transportation alternative," chairman, president and chief executive Michael Ward said.
Revenue increased 18 percent to nearly $3 billion, with nine of the company's 10 market segments producing revenue gains despite softness in the housing and automotive sectors of the economy.
Those gains were led by shipments of export coal, grain, ethanol and metals, CSX said in a news release.
CSX executives will conduct a quarterly conference call this morning at 8:30 a.m. that is available to the public by dialing 1-888-327-6279. The public will be on listen mode only in the conference call between CSX executives and the investment community.
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