CSX Corporation Announces Record Third-Quarter Results
Highlights:
- Record third-quarter results for revenue, operating
income, net earnings and EPS
- Operating income increased 16 percent and operating ratio
improved 220 basis points
- Modest earnings growth expected for full-year 2014, with
double-digit earnings growth and margin expansion expected in 2015
"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. "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."
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 will conduct a quarterly earnings conference
call with the investment community on October 15, 2014, 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 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).
Forward-looking Statements
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," "expect,"
"anticipate," "project," "estimate,"
"preliminary" and similar expressions. Forward-looking statements
speak only as of the date they are made, and the c
ompany 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 busin
ess 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.
Contacts:
David Baggs, Investor Relations
904-359-4812
Melanie Cost, Corporate Communications
904-359-1702