(Source: CSX press release, October 14, 2014)
JACKSONVILLE, Fla. — CSX Corporation today announced record third quarter net earnings of $509 million, or $0.51 per share, up from net earnings of $455 million, or $0.45 per share, in the same period last year. This performance was supported by volume increases of 7 percent, with broad-based growth across nearly all markets CSX serves.
Highlights:
• Record third-quarter results for revenue, operating income, net earnings and EPS
• Operating income increased 16 percent and operating ratio improved 220 basis points
• Modest earnings growth expected for full-year 2014, with double-digit earnings growth and margin expansion expected in 2015
“As the economy continues to expand, the company’s record third-quarter results are built on the foundation of CSX’s network reach, sustainable growth opportunities, and the efforts of our 31,000 employees,” said Michael J. Ward, president, chairman and chief executive officer. “At the same time, we are focused on the execution of our core strategy. That means enhancing our ability to grow faster than the economy, price above inflation, make strategic investments and produce ever more efficient operations to continue delivering superior shareholder value.”
Revenue of $3.2 billion, an 8 percent increase over the same period last year, is evidence of CSX’s ability to leverage the continued economic momentum that is driving strength across nearly all markets CSX serves, coupled with secular growth trends in the intermodal and energy markets. With the high level of demand and operations that remained stable, the company produced operating income of $976 million and an operating ratio of 69.7 percent.
On the strength of this performance, CSX expects to sustain double-digit earnings growth and margin expansion in 2015, and continues to target a mid-60s operating ratio longer term.
CSX executives will conduct a quarterly earnings conference call with the investment community on October 15, 2014, 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.