Wednesday, July 17, 2013

CSX 2Q earnings beat Street

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CSX late Tuesday, July 16, 2013, reported second-quarter earnings of 52 cents per share, or $533 million, on revenue of $3.1 billion, up from earnings $512 million, or 49 cents per share, on revenue of $3.0 billion, in the second quarter of 2012.

Earnings beat Wall Street analyst estimates of 47 cents a share. Put differently, analysts had expected an earnings drop of up to 4% compared with the second quarter of 2012.

Operating income increased 2% year-over-year to $963 million, while CSX's operating ratio was 68.6%, down by 10 basis points.

"CSX continues to drive solid growth in many of its markets and is encouraged by the team's sustained track record of delivering excellent operating performance in a wide range of market conditions," said Chairman, President, and CEO Michael J. Ward. "We remain sharply focused on creating strong, sustained value for customers and shareholders, as the economy appears to be slowly gaining strength."

At noon Wednesday, shares of CSX were up 1.46% to $25 on the New York Stock Exchange.