CSX posts record 3Q results
Written by William C. Vantuono, Editor-in-ChiefCSX Corp. late Tuesday said it notched record third-quarter net earnings of $464 million, or 43 cents per share, up 19% from earnings of $414 million, or 36 cents per share, in the third quarter of 2011. CSX’s operating ratio was 70.4%, and the company said it remained on target for an operating ratio of 65% no later than 2015.
Revenue in the quarter improved 11% from the prior year to nearly $3 billion, with increases across all of the company’s major markets, CSX said. The higher revenue, coupled with the company’s ongoing focus on profitable growth, increased operating income to a third-quarter record of $878 million.
“Even as the economy moderated, CSX delivered strong financial results while investing in additional resources to strengthen customer service,” said Michael J. Ward, chairman, president, and chief executive officer. “This helped position our business, our customers, and our communities for growth in the near- and long-term.”
