CSX expects volume to grow faster than economy

AP News
Posted: Jul 20, 2011 10:40 AM

CSX says it expects its shipping volume for the rest of the year to continue to grow faster than the broader economy.

The railroad operator also said Wednesday it thinks prices will continue to rise for the goods it hauls, further boosting revenue.

CSX Corp. says China's appetite for U.S. coal should keep growing this year, offsetting weakness in shipments to U.S. utilities.

The Jacksonville, Fla. company offered the outlook a day after reporting it earned 46 cents per share, in the April-June quarter compared with 36 cents per share a year earlier. Revenue rose 13 percent.

Its shipping volume rose 3 percent in the second quarter. The U.S. economy grew 1.9 percent in the first quarter.

The National Association of Business Economists says a majority of economists it surveyed expect growth of about 2 percent or more in the second half of this year.