CSX Corporation Announces Record Fourth-Quarter and
Full-Year Results
Highlights:
- Record fourth-quarter and full-year results for revenue,
operating income, net earnings and earnings per share
- For 2015, the company expects double-digit earnings per
share growth and margin expansion, as it progresses toward a mid-60s operating
ratio longer term
JACKSONVILLE, Fla. - January 13, 2015 - CSX Corporation
(NYSE: CSX) today announced record fourth-quarter 2014 net earnings of $491
million, a 15 percent increase from $426 million for the same period last year.
The company also generated record fourth-quarter earnings per share of $0.49,
up 17 percent from $0.42 per share in 2013.
"CSX is capturing broad-based market strength,
completing strategic infrastructure projects and adding resources to further
improve service performance and leverage growth opportunities," said
Michael J. Ward, chairman, president and chief executive officer. "Building
on a foundation of strong safety and customer service, we expect to continue
growing our intermodal and merchandise businesses faster than the economy,
pricing above inflation, and driving efficient asset utilization."
Fourth-quarter revenue increased 5 percent to $3.2 billion,
with strength across merchandise, intermodal and coal. The timely addition of
operating resources enhanced service through the fall peak shipping season and
supported volume growth. As a result, operating income increased 11 percent to
$901 million, and the operating ratio improved 140 basis points to 71.8
percent.
For the full-year, CSX produced new all-time records for
revenue of $12.7 billion, operating income of $3.6 billion, net earnings of
$1.9 billion and earnings per share of $1.92. At the same time, the operating
ratio remained relatively stable at 71.5 percent.
Looking to 2015, CSX expects continued strong growth across
its diverse business mix and is poised for sustainable business expansion. The
company continues to expect to generate double-digit growth in earnings per
share and margin expansion in 2015, progressing toward a mid-60s operating
ratio longer term.
CSX executives will conduct a quarterly earnings conference
call with the investment community on January 14, 2015, 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 also uses social media channels to communicate
information about the company. Although our social media channels are not
intended to be the primary method of disclosure for material information, it is
possible that certain information we post on social media could be deemed to be
material. Therefore, we encourage investors, the media, and others interested
in our company to review the information we post on the social media channels
listed below. This list may be updated from time to time.
CSX on Twitter: http://twitter.com/CSX
CSX on Slideshare:
http://www.slideshare.net/HowTomorrowMoves
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 company 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 business 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