JACKSONVILLE, Fla., July 17, 2012 /PRNewswire/ -- Year-Over-Year Highlights:
Operating income improves to $943 million
Operating ratio improves to 68.7 percent
Earnings per share increases to $0.49 per share
Employee safety at all-time best levels
CSX Corporation (NYSE: CSX) today 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. "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.