Tenth Consecutive Quarter of Year-Over-Year Continuing
JACKSONVILLE, Fla., July 17, 2012 /PRNewswire via COMTEX/
Operating income improves to $943 million
Operating ratio improves to 68.7 percent
Earnings per share increases to $0.49per share
Employee safety at all-time best levels
CSX Corporation (NYSE: CSX) today announced second quarter
net earnings of $512 million, or
$0.49per share, versus $506
million, or $0.46per 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
"This team remains focused on the safety of our
employees and communities, service to our customers, and
productivity in our operations," said Ward. "CSX
employees delivered record employee safety results and a
significant improvement in the train accident rate."
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.
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.
CSX executives will conduct a quarterly earnings conference
call with the investment community on July 18,
2012, at 8:30 a.m. Eastern time.
Investors, media and the public may listen to the conference
call by dialing 1-888-327-6279 (888-EARN-CSX) and asking for
the CSX earnings call. (Callers outside the U.S., dial
1-773-756-0199). Participants should dial in 10 minutes prior
to the call. In conjunction with the call, a live webcast
will be accessible and presentation materials will be posted
on the company's website at http://investors.csx.com.
Following the earnings call, an internet replay of the
presentation will be archived on the company website.
CSX Corporation, based in Jacksonville, Fla., is
one of the nation's leading transportation companies,
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, the District of Columbiaand two Canadian
provinces. CSX's network connects more than 240 short
line railroads and more than 70 ocean, river, and lake ports.
More information about CSX Corporation and its subsidiaries
is available at www.csx.com. Like us on Facebook
and follow us on Twitter (http://twitter.com/CSX).
This information and other statements by the company may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act with respect to,
among other items: projections and estimates of earnings,
revenues, margins, volumes, rates, cost-savings, expenses,
taxes, liquidity, capital expenditures, dividends, share
repurchases or other financial items,statements of
management's plans, strategies and objectives for future
operations, and management's expectations as to future
performance and operations and the time by which objectives
will be achieved, statements concerning proposed new
services, and statements regarding future economic, industry
or market conditions or performance. Forward-looking
statements are typically identified by words or phrases such
as "will," "should," "believe,"
"preliminary" and similar expressions.
Forward-looking statements speak only as of the date they are
made, and the company undertakes no obligation to update or
revise any forward-looking statement. If the company updates
any forward-looking statement, no inference should be drawn
that the company will make additional updates with respect to
that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks
and uncertainties, and actual performance or results could
differ materially from that anticipated by any
forward-looking statements. Factors that may cause actual
results to differ materially from those contemplated by any
forward-looking statements include, among others; (i) the
company's success in implementing its financial and
operational initiatives; (ii) changes in domestic or
international economic, political or business conditions,
including those affecting the transportation industry (such
as the impact of industry competition, conditions,
performance and consolidation); (iii) legislative or
regulatory changes; (iv) the inherent business risks
associated with safety and security; (v) the outcome of
claims and litigation involving or affecting the company;
(vi) natural events such as severe weather conditions or
pandemic health crises; and (vii) the inherent uncertainty
associated with projecting economic and business conditions.
Other important assumptions and factors that could cause
actual results to differ materially from those in the
forward-looking statements are specified in the company's
SEC reports, accessible on the SEC's website at www.sec.gov and the company's
website at www.csx.com.