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CSX earnings flat despite drop in coal traffic

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Second-quarter and year-to-date earnings for CSX Corp. remained flat even as coal traffic on the system continued to decline.

The company released its second-quarter earnings report on July 16. The report showed net income of $535 million on revenues of $3.1 billion, compared with $512 million on $3 billion a year ago.

For the first two quarters, CSX reported net earnings of $994 million compared with $961 million last year. Revenues totaled about $6 billion for both years.

Coal volumes were down 6 percent in the quarter and 8 percent for the first half. Coal revenues were down 6 percent to $820 million in the second quarter. Coal revenues for the first half were down 9 percent to $1.652 billion.

"Export declines were driven by decreased shipments of U.S. thermal coal, primarily to Europe, and increased competition from other countries due to global oversupply," the company said in its earnings release. "Partially offsetting this decrease, shipments of domestic coal increased due to higher coal generation as natural gas prices increased."

Company executives will have their quarterly conference call with investment analysts on July 17.