CSX saw volume growth of 8 percent pushed revenue up to $3.2 billion, an all-time high that reflects year-over-year growth of 7 percent. For the first six months of the year, revenue is up by 4 percent.
Net earnings rose to $529 million during the second quarter of the year, a 2-percent increase over the same period in 2013, but earnings are down 6-percent, year-over-year, so far in 2014. Expenses dropped 7 percent, year-over-year, during the quarter.
Officials said that growth is coming on the strength of upward trends in the intermodal and oil and gas markets, and that this growth would allow them to increase investments this year by $100 million to $2.4 billion.
"To propel service and capture growth opportunities, CSX is adding front-line personnel and making targeted investments in infrastructure and freight cars to efficiently grow our business and create competitive advantages for our customers," CSX President and Chief Executive Officer Michael Ward said in a statement. "With the broad-based economic momentum we are seeing, the core earning strength of this company is improving and driving value for shareholders."
According to the company’s quarterly filing, “full-year modest earnings growth” is expected, but that growth will increase into the double digits in 2015.