Reuters logo
UPDATE 1-CSX profit rises despite coal struggles
April 16, 2013 / 9:02 PM / 5 years ago

UPDATE 1-CSX profit rises despite coal struggles

* Q1 coal volumes down 10 percent

* Q1 EPS $0.45 cents vs est $0.40

* Increases quarterly dividend 7 percent

April 16 (Reuters) - 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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below