CSX Corporation announced third quarter net earnings on Tuesday of $464 million, or $0.43 per share, versus $414 million, or $0.36 per share, in the same period last year. This is a 19 percent improvement in earnings per share and a record third quarter for the company.
“Even as the economy moderated, CSX delivered strong financial results while investing in additional resources to strengthen customer service,” said Michael J. Ward, chairman, president and chief executive officer. “This helped position our business, our customers and our communities for growth in the near- and long-term.”
Revenue in the quarter improved 11 percent from the prior year to nearly $3 billion, with increases across all of the company’s major markets. These results reflect the compelling value of freight rail transportation and fuel recoveries that offset higher costs. The higher revenue, coupled with the company’s ongoing focus on profitable growth, increased operating income to a third quarter record of $878 million and produced an operating ratio of 70.4 percent.
At the same time, the company expects to achieve its target of a 65 percent operating ratio by no later than 2015.
This earnings announcement, as well as a package of 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.