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CSX Corporation Announces Third Quarter Earnings

JACKSONVILLE, Fla., Oct. 15, 2013 /PRNewswire/ -- Highlights:
  • Third-quarter earnings per share of $0.46
  • Merchandise and intermodal volume growth above the general economy
  • Continued strong results in safety, service, efficiency

CSX Corporation (NYSE: CSX) today announced third-quarter net earnings of $463 million, or $0.46 per share, up from $455 million, or $0.44 per share, in the same period last year. This performance was supported by strong operating results and higher revenues that included benefits from customer contract settlements.

"CSX posted historically high financial results as it continued to effectively manage ongoing challenges in the coal market and leverage growth opportunities in merchandise and intermodal," said Michael J. Ward, chairman, president and chief executive officer.  "The third quarter performance is an ongoing reflection of the company's ability to capitalize on the modest improvement in the economy with a relentless focus on customer service and asset efficiency."

Revenues of $3 billion resulted from higher volume and pricing gains in merchandise and intermodal which offset continued declines in coal revenue.  The higher revenues, along with efficiency gains, helped deliver third quarter operating income of $854 million and an operating ratio of 71.5 percent.

CSX now expects full-year 2013 earnings per share to be slightly up from 2012 levels. In addition, the company remains on target to achieve its goal of sustaining a high-60s operating ratio by 2015, while remaining focused on attaining a mid-60s operating ratio longer-term.

CSX executives will conduct a quarterly earnings conference call with the investment community on October 16, 2013, at 8:30 a.m. Eastern time. Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) 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.

This earnings announcement, as well as additional 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, 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.  More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook ( http://www.facebook.com/OfficialCSX) and follow us on Twitter ( http://twitter.com/CSX).

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