(Source: CSX press release, January 13, 2015)
JACKSONVILLE, Fla. — CSX Corporation (NYSE: CSX) today announced record fourth-quarter 2014 net earnings of $491 million, a 15 percent increase from $426 million for the same period last year. The company also generated record fourth-quarter earnings per share of $0.49, up 17 percent from $0.42 per share in 2013.
Highlights:
• Record fourth-quarter and full-year results for revenue, operating income, net earnings and earnings per share.
• For 2015, the company expects double-digit earnings per share growth and margin expansion, as it progresses toward a mid-60s operating ratio longer term.
“CSX is capturing broad-based market strength, completing strategic infrastructure projects and adding resources to further improve service performance and leverage growth opportunities,” said Michael J. Ward, chairman, president and chief executive officer. “Building on a foundation of strong safety and customer service, we expect to continue growing our intermodal and merchandise businesses faster than the economy, pricing above inflation, and driving efficient asset utilization.”
Fourth-quarter revenue increased 5 percent to $3.2 billion, with strength across merchandise, intermodal and coal. The timely addition of operating resources enhanced service through the fall peak shipping season and supported volume growth. As a result, operating income increased 11 percent to $901 million, and the operating ratio improved 140 basis points to 71.8 percent.
For the full-year, CSX produced new all-time records for revenue of $12.7 billion, operating income of $3.6 billion, net earnings of $1.9 billion and earnings per share of $1.92. At the same time, the operating ratio remained relatively stable at 71.5 percent.
Looking to 2015, CSX expects continued strong growth across its diverse business mix and is poised for sustainable business expansion. The company continues to expect to generate double-digit growth in earnings per share and margin expansion in 2015, progressing toward a mid-60s operating ratio longer term.
CSX executives will conduct a quarterly earnings conference call with the investment community on January 14, 2015, at 8:30 a.m. Eastern time. Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) and asking for the CSX earnings call. Callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company’s website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.
This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available on the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.