* Q1 coal volumes down 10 percent
* Q1 EPS $0.45 cents vs est $0.40
* Increases quarterly dividend 7 percent
April 16 CSX Corp, the No. 2 U.S.
railroad, said on Tuesday that quarterly profit rose as it cut
expenses and saw shipment volumes of some merchandise rise,
helping the company fight a still-weak coal business.
Jacksonville, Florida-based CSX relies on coal shipments for
nearly a third of its revenue. In the quarter, coal volumes fell
10 percent. Volumes of shipment of phosphates and fertilizers
rose 5 percent.
The company, second to Union Pacific in the
industry, said it cut expenses by $27 million, mostly as it
managed overtime and training costs better.
CSX earned $459 million, or 45 cents a share, in the first
quarter ended March 29, on revenue of nearly $3 billion.
Analysts, on average, were expecting it to earn 40 cents a
share, as per Thomson Reuters I/B/E/S.
Last year, the company earned $449 million, or 43 cents a
share. Revenue came in at $2.96 billion.
CSX also approved a 7 percent increase to its quarterly
dividend and a new $1.0 billion share buyback program.
Shares of the company were trading at $24.18 Tuesday after
the bell. They closed at $24.14 on the New York Stock Exchange.