(Source: CSX press release, July 16, 2013)
JACKSONVILLE, Fla. — CSX Corporation announced second-quarter net earnings of $535 million, or $0.52 per share, versus $512 million, or $0.49 per share, in the same period last year. This performance was supported by overall revenue growth; service and efficiency results; and a few additional items, such as tax and real estate, which benefitted the quarter.
Highlights:
• Record results in all key financial measures
• Growth in merchandise and intermodal volume more than offset declines in coal
• Continued strong results in safety, service and efficiency
“CSX continues to drive solid growth in many of its markets and is encouraged by the team’s sustained track record of delivering excellent operating performance in a wide range of market conditions,” said Michael J. Ward, chairman, president and chief executive officer. “We remain sharply focused on creating strong, sustained value for customers and shareholders, as the economy appears to be slowly gaining strength.”
Second-quarter revenue was nearly $3.1 billion, a slight increase from the same quarter last year, as strong service resulted in overall increases in volume and pricing. The higher revenues along with efficiency gains helped to deliver second quarter operating income of $963 million and an operating ratio of 68.6 percent.
CSX remains on track to achieve its goal of sustaining a high-60s operating ratio by 2015, while remaining focused on attaining a mid-60s operating ratio longer-term. The company continues to expect annual earnings-per-share growth of 10 to 15 percent on average through 2015 off of the 2013 base, which is now expected to be roughly flat compared to prior year levels.
CSX executives will conduct a quarterly earnings conference call with the investment community on July 17, 2013, 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.