(Source: CSX press release, July 19, 2011)
JACKSONVILLE, Fla. — CSX Corporation today announced second quarter net earnings of $506 million, or $0.46 per share, versus $414 million, or $0.36 per share, in the same period last year. This represents a 28 percent year-over-year improvement in earnings per share.
Year-Over-Year Highlights:
– Operating income improves 21 percent to $926 million
– Operating ratio improves 190 basis points to 69.3 percent
– Earnings per share increase 28 percent to $0.46
“As our markets continue to expand, CSX is delivering outstanding results for shareholders,” said Michael J. Ward, chairman, president and chief executive officer. “At the same time, we are taking a number of actions to position the operations for greater customer demand, now and over the long-term.”
Revenue in the quarter improved 13 percent from the prior year to $3.0 billion, with increases across all major markets – merchandise, intermodal and coal. Overall revenues were driven by volume growth, pricing that reflects the value of freight rail transportation, and recoveries that offset higher fuel prices.
The higher revenue, coupled with the company’s focus on profitable growth, drove a 21 percent increase in operating income to a record $926 million, and an operating ratio of 69.3 percent, a 190 basis point improvement year-over-year.
As previously announced, CSX expects to make 2011 capital investments of $2.2 billion. That is consistent with its intentions to reinvest an average of 18 percent of its revenues into its business through 2015 to further enhance the capacity, quality and flexibility of its rail network. The company remains on target to achieve its current near- and long-term financial guidance, including a high-sixties operating ratio in 2011 and a 65 percent operating ratio by no later than 2015.
This earnings announcement, as well as a package of 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 (“SEC”).
CSX executives will conduct a quarterly earnings conference call with the investment community on July 20, 2011 at 8:30 a.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-327-6279 (888-EARN-CSX) 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.
CSX Corporation, based in Jacksonville, Fla., is one of the nation’s leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company’s transportation network spans approximately 21,000 miles, with service to 23 eastern states and the District of Columbia. CSX’s network connects more than 240 short line and regional railroads and more than 70 ocean, river, and lake ports. More information about CSX Corporation and its subsidiaries is available at www.csx.com.