CSX saw a slight climb year on year in its first-quarter coal traffic, but a 31% surge in revenues from the sector as a result of an improved export market, the company said Wednesday in its earnings report.
The railroad's Q1 coal volumes grew by 500,000, or 5,000 carloads, compared with the same quarter last year, but revenues climbed to $522 million from $399 million thanks to port deliveries. Income was boosted by a 28% increase in revenue per unit to $2,546 from $1,995.
The company said "temporal strength in export coal" led to increased profits.
CSX's Q1 total export volumes rose 50% year on year to 8.7 million st. Metallurgical coal volumes grew 23% to 5.3 million st and thermal volumes more than doubled with a 127% increase to 3.4 million st.
Domestic thermal volumes coal fell 11% year on year to 11 million st for the most recent quarter and domestic coke and iron ore volumes fell 24% to 3.5 million st.
CSX will host an earnings call Thursday with investors and media.
