Calling its earnings for 1982 "respectable, considering . . . ," CSX Corp. yesterday reported profits of $338.4 million ($8.10 a share) on $4.9 billion in revenues.

These figures compare to record 1981 revenues of $5.4 billion and earnings of $367.7 million ($8.92).

CSX, a major transportation and natural-resources company based in Richmond, felt the impact of dropping coal traffic in the third and fourth quarters. CSX shipped 224 million tons, 8 percent less than the record 245 million tons last year. General-commodity traffic dropped 17 percent.

CSX Chairman Hays T. Watkins cited the company's belt-tightening measures and its efforts to concentrate on transportation and natural resources as reasons why CSX sold its Florida Publishing Co. subsidiary and its interest in a cable television enterprise.

CSX also sold rights to as much as 4,000 miles of its right-of-way for use by MCI Communications Corp. to lay fiber-optics cables. These two transactions added about $136 million to the fourth-quarter and annual CSX profits.

For the last quarter, CSX earned $178 million ($4.26) on revenues of $1.1 billion compared with of $138.1 million ($3.34) on revenues of $1.4 billion in the fourth quarter of 1981.

Baltimore Gas and Electric Co. reported common stock earnings for the 11 months ended Nov. 30, 1982, of $138.2 million ($3.84 a share) compared with $113 million ($3.39) for the same 11 months of 1981. Total operating revenues for the 11 months in 1982 were $1.5 billion compared with $1.3 billion.

Total electric sales for the 1982 period fell 1.4 percent from the comparable period a year ago, mostly because of a decrease of 4.5 percent in sales to large commercial and industrial customers, reflecting the decline of the steel industry.

Gas sales also declined 4.7 percent, with sales to large commercial and industrial customers--particularly Bethlehem Steel Corp.--dropping by 9.3 percent.