CSX Reports 2Q Net Income of $529 Million, Up From $521 Million in 2Q 2013
Date Posted: July 16, 2014
Jacksonville, FL—CSX Corporation (NYSE: CSX) today announced second-quarter net earnings of $529 million, or $0.53 per share, up from $521 million, or $0.51 per share in the same quarter of 2013.
For the quarter, revenue increased 7 percent to an all-time record $3.2 billion on volume growth of 8 percent, with strength across CSX’s major markets.
The higher revenues helped deliver record operating income of nearly $1 billion and an operating ratio of 69.3 percent.
“To propel service and capture growth opportunities, CSX is adding front-line personnel and making targeted investments in infrastructure and freight cars to efficiently grow our business and create competitive advantages for our customers,” said Michael J. Ward, chairman, president and chief executive officer.
“With the broad-based economic momentum we are seeing, the core earning strength of this company is improving and driving value for shareholders.”
In addition to the positive economic environment, secular growth trends in the intermodal and oil and gas markets are contributing to CSX’s expectation for modest full-year earnings growth in 2014.
As it capitalizes on these growth opportunities and continues to invest in its service product, the company remains confident in its ability to sustain double-digit earnings growth and margin expansion for its shareholders beginning in 2015.
The company also expects to sustain a mid-60s operating ratio longer-term.
These expectations are the foundation for the increase in this year’s capital investment of approximately $100 million.
The increase further enhances key infrastructure and adds freight cars to help drive long-term growth.
For more information, call 904-359-1702.