CSX Records $509 Million in Third Quarter

The following is a press release:

CSX Corporation, headquartered in Florida, announced record third quarter net earnings of $509 million, or $0.51 per share, up from net earnings of $455 million, or $0.45 per share, in the same period last year.

This performance was supported by volume increases of 7 percent, with broad-based growth across nearly all markets CSX serves.

“As the economy continues to expand, the company’s record third-quarter results are built on the foundation of CSX’s network reach, sustainable growth opportunities, and the efforts of our 31,000 employees,” said Michael J. Ward, president, chairman and chief executive officer in a press release. “At the same time, we are focused on the execution of our core strategy. That means enhancing our ability to grow faster than the economy, price above inflation, make strategic investments and produce ever more efficient operations to continue delivering superior shareholder value.”

CSX owns property in Framingham and operates trains through Framingham and MetroWest. It closed some of its operation in Framingham in 2009.

Revenue of $3.2 billion, an 8 percent increase over the same period last year, is evidence of CSX’s ability to leverage the continued economic momentum that is driving strength across nearly all markets CSX serves, coupled with secular growth trends in the intermodal and energy markets. With the high level of demand and operations that remained stable, the company produced operating income of $976 million and an operating ratio of 69.7 percent.

On the strength of this performance, CSX expects to sustain double-digit earnings growth and margin expansion in 2015, and continues to target a mid-60s operating ratio longer term.

CSX executives held a quarterly earnings conference call with the investment community on October 15.

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products.

For more than 185 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and small farming towns alike.

Patch file photo