(Source: CSX press release, October 18, 2011)
JACKSONVILLE, Fla. – October 18, 2011 – CSX Corporation today announced third quarter net earnings of $464 million, or $0.43 per share, versus $414 million, or $0.36 per share, in the same period last year. This is a 19 percent improvement in earnings per share and a record third quarter for the company.
Year-over-year highlights:
• Operating income improves to $878 million
• Earnings per share increases 19 percent to 43 cents
• Operating ratio remains strong at 70.4 percent
“Even as the economy moderated, CSX delivered strong financial results while investing in additional resources to strengthen customer service,” said Michael J. Ward, chairman, president and chief executive officer. “This helped position our business, our customers and our communities for growth in the near- and long-term.”
Revenue in the quarter improved 11 percent from the prior year to nearly $3 billion, with increases across all of the company’s major markets. These results reflect the compelling value of freight rail transportation and fuel recoveries that offset higher costs. The higher revenue, coupled with the company’s ongoing focus on profitable growth, increased operating income to a third quarter record of $878 million and produced an operating ratio of 70.4 percent.
At the same time, the company expects to achieve its target of 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.
CSX executives will conduct a quarterly earnings conference call with the investment community on October 19, 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, and connects to 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.