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The company reported an 11% improvement of operating income ($US449 million net) on the quarter and a 24% increase in earnings per share year-on-year.
Revenue in the quarter improved 6% from the prior year to almost $3 billion, due mostly to increased volume, pricing gains and fuel recovery.
CSX chairman, president and chief executive Michael J Ward said increased shipments in merchandise and intermodal freight more than offset declines in the company’s coal business.
“Although utility coal-related headwinds are likely to be stronger in the second quarter, CSX remains on track to achieve year-over-year earnings growth in 2012,” Ward said.
The news comes on the heels of a report by the Energy Information Administration that coal shipping by rail this quarter had reached its lowest point in the US since 1994.
For the period ended March, US coal train carloads dropped to 1.55 million on deflated electricity generation demand.
