CSX Corp. announced record second-quarter net earnings of $529 million, or 53 cents per share, Tuesday afternoon, July 15, 2014, after the closing bell on Wall Street. Results were up from $521 million, or 51 cents per share, in the comparable quarter in 2013. CSX also beat Wall Street consensus per share estimates, recently raised, of 52.2 cents.
Second-quarter revenue rose 7% to $3.2 billion, also “an all-time record,” CSX said, while the railroad notched an operating ratio of 69.3%.
"To propel service and capture growth opportunities, CSX is adding front-line personnel and making targeted investments in infrastructure and freight cars to efficiently grow our business and create competitive advantages for our customers," said CSX Chairman, CEO, and President Michael J. Ward. "With the broad-based economic momentum we are seeing, the core earning strength of this company is improving and driving value for shareholders."
Secular growth trends in the intermodal and oil and gas markets are contributing to CSX's expectation for modest full-year earnings growth in 2014, the railroad said. As well, CSX also expects to sustain a mid-60s operating ratio longer-term.