(The Associated Press circulated the following on March 10, 2010.)
NEW YORK — Railroad operator CSX Corp. said Wednesday that it expects double-digit growth in earnings per share for 2010 driven by higher sales and shipping volume.
Speaking at the JPMorgan Aviation, Transportation and Defense Conference, Executive Vice President and Chief Financial Officer Oscar Munoz said the company predicts better export coal shipments — an important commodity group for the railroad. Coal from the U.S. is shipped overseas to be used for steel and electricity production.
Munoz also said he sees the company’s operating efficiency gains driving growth this year. Railroads can improve efficiency by improving train speeds and cutting the time trains spend at a station, among other things.
CSX, based in Jacksonville, Fla., reported 2009 earnings of $2.91 per share. Analysts polled by Thomson Reuters currently predict 2010 earnings of $3.18 per share — a 9 percent increase from last year.
Shares of CSX added 23 cents to $49.75 in afternoon trading.