(CSX issued the following news release on October 26.)
JACKSONVILLE, Fla. — CSX Corporation today reported third quarter net earnings of $164 million, or $.72 per share, a 31 percent increase in earnings per share from the same quarter in 2004. Also today, CSX announced a 30 percent increase in its quarterly dividend to $0.13 per common share. The dividend is payable December 15, 2005 to shareholders of record on November 25, 2005.
“The strong third quarter results were particularly gratifying in light of the impact from Hurricane Katrina,” said Michael J. Ward, CSX Corporation chairman and chief executive officer. “The dividend increase reflects this team’s confidence in its ability to deliver sustained value to shareholders.”
In the quarter, the company’s core Surface Transportation businesses, which include rail and intermodal, achieved:
— record third-quarter operating income of $361 million, up 46 percent from the same period last year and representing the seventh quarter of year-over-year improvement;
— revenue of $2.1 billion, an increase of 9 percent over the third quarter of 2004 with strength in all major markets; and
— an operating ratio of 83.0 percent, an improvement of 4.3 points fromthe same quarter last year.
CSX executives will provide additional perspective on the quarterly results at their third-quarter earnings conference call, beginning at 11 a.m. today. Those interested in participating in the meeting may do so by dialing (212) 271-4562 and asking for the CSX Earnings Call. In conjunction with the call, presentation materials and a live audio web cast will be available on CSX’s web site at http://www.csx.com.
In addition, CSX’s detailed financial information is contained in its Quarterly Flash document, which is posted on http://www.csx.com, and filed on Form 8-K with the Securities and Exchange Commission.
CSX Corporation, based in Jacksonville, Fla., owns companies providing rail, intermodal and rail-to-truck transload services that are among the nation’s leading transportation companies, connecting 70 river, ocean and lake ports, as well as over 200 short line railroads. Its principal operating company, CSX Transportation Inc., operates the largest railroad in the eastern United States with a 22,000-mile rail network linking commercial markets in 23 states, the District of Columbia, and two Canadian provinces. CSX Intermodal Inc. is a stand-alone integrated intermodal company serving customers with its own truck and terminal operations plus a dedicated domestic container fleet. More information about CSX Corporation and its subsidiaries is available at the company’s website, http://www.csx.com.