CSX Corporation announced second quarter net earnings of $512 million, or $0.49
per share, versus $506 million, or $0.46 per share, in the same period
last year. This represents a 7 percent year-over-year improvement in
earnings per share. "CSX delivered its 10th straight quarter of year-over-year earnings
growth despite significant headwinds in its utility coal business," said
Michael J. Ward, chairman, president and
chief executive officer. "The company continues to perform well across a
wide range of economic and market conditions." Total revenue and volume were essentially flat when compared to the same
period last year, as increased shipments of export coal, intermodal and
automotive products helped offset declines in utility coal. CSX's train crews are operating more efficiently and the company's
strong service product is translating into better asset utilization.
These productivity gains, along with resource alignments made in
response to changes in the mix of the business, drove an increase in
operating income to $943 million. Additionally, the operating ratio
improved to 68.7 percent for the quarter, a 60 basis point improvement
year-over-year. Looking forward, even with the continued headwinds in the utility coal
market, CSX remains on track for earnings growth for the full-year
2012. In addition, while more challenging, the company continues to
have line of sight to a 65 percent operating ratio by 2015.
-John Astarita
.
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