(CSX Corp. issued the following news release on April 17.)
JACKSONVILLE, Fla. — CSX Corporation CSX today reported first quarter 2007 earnings of $240 million, or 52 cents per share, including insurance recoveries of $18 million, or 2 cents per share. Last year the company reported first quarter earnings of $245 million, or 53 cents per share.
Surface Transportation Highlights:
• Record Revenues of $2.4 billion, up 4 Percent from Prior Year
• Revenue per Unit up 8 Percent on Continued Pricing Momentum
• Steady Operating Income Despite Softer Volumes
“We are pleased that our Surface Transportation businesses continued to show very strong earning power in the face of modest economic headwinds,” said Michael Ward, chairman, president and CEO of CSX Corporation. “We posted our 20th consecutive quarter of year-over-year revenue growth and sustained excellent levels of customer service.”
First quarter revenues were a quarterly record $2.4 billion, a 4 percent increase over the first quarter of 2006. The increase was driven by continued strong pricing, which also drove revenue-per-unit gains of 8 percent. Overall volumes were down by 4 percent compared to the first quarter of 2006, reflecting continued softness in the construction and automotive sectors.
CSX Surface Transportation businesses recorded first quarter operating income of $487 million. Excluding insurance recoveries, comparable operating income was $469 million, or 4 percent less than the first quarter of 2006. CSX’s 2007 first quarter earnings were achieved despite a $28 million expense related to a serious derailment and without the $35 million fuel hedge that benefited the first quarter of 2006.
“Given the positive outlook for rail transportation and our momentum in executing our strategy, we expect strong financial results for the rest of the year and over the long term,” said Ward.
CSX Corporation, based in Jacksonville, Fla., is a leading transportation company 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 70 ocean, river and lake ports.
This earnings announcement, as well as a package of detailed financial information, is contained in the CSX Flash report available on the company’s Web site at http://www.csx.com and on Form 8-K with the Securities and Exchange Commission (SEC).