CSX Reports Jump in First-Quarter Income

April 28, 2005 4:00 PM, EDT

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astern freight railroad CSX Corp. reported its first-quarter income jumped to $579 million or $2.56 a share, up from $30 million or 14 cents a year earlier.

The earnings included an after-tax gain of $425 million or $1.88 per share from the sale of its international terminals business, CSX said.

The company’s surface transportation operating income was a record $351 million, up from $151 million a year ago, which had been reduced by a $53 million management restructuring charge.

“A strong pricing environment resulting from high demand contributed significantly to the company’s revenue growth,” said Michael Ward, CSX’s chairman and chief executive officer.