CSX Third Quarter Highlights:
• Earnings Per Share from continuing operations up 40 percent
• Revenues up 18 percent; operating income up 31 percent
• Operating ratio improves 250 basis points
JACKSONVILLE, Fla., (Oct. 14, 2008) – CSX Corporation [NYSE: CSX] today reported
third quarter 2008 earnings from continuing operations of $382 million, or 94 cents per
share. This represents a 40 percent increase from the same period last year. In 2007, CSX
reported third quarter earnings of $297 million from continuing operations, or 67 cents per
share.
“CSX delivered impressive financial results in a challenging economy,” said Michael J.
Ward, chairman, president and CEO. “Our resilient business portfolio and disciplined
operations continue to generate substantial earnings growth for shareholders.”
Revenue increased 18 percent to nearly $3 billion, with nine of the company’s 10 market
segments producing revenue gains despite ongoing softness in the housing and automotive
sectors of the economy. Those gains were led by shipments of export coal, grain, ethanol
and metals, as well as strong yields and fuel recovery in all markets.
Revenue growth and moderating fuel costs, combined with the company’s continued focus
on productivity and cost control, increased operating income by 31 percent to $733 million,
despite the impact of recent storms. In addition, the operating ratio improved 250 basis
points to 75.2 percent, which represents a third quarter record.
• Earnings Per Share from continuing operations up 40 percent
• Revenues up 18 percent; operating income up 31 percent
• Operating ratio improves 250 basis points
JACKSONVILLE, Fla., (Oct. 14, 2008) – CSX Corporation [NYSE: CSX] today reported
third quarter 2008 earnings from continuing operations of $382 million, or 94 cents per
share. This represents a 40 percent increase from the same period last year. In 2007, CSX
reported third quarter earnings of $297 million from continuing operations, or 67 cents per
share.
“CSX delivered impressive financial results in a challenging economy,” said Michael J.
Ward, chairman, president and CEO. “Our resilient business portfolio and disciplined
operations continue to generate substantial earnings growth for shareholders.”
Revenue increased 18 percent to nearly $3 billion, with nine of the company’s 10 market
segments producing revenue gains despite ongoing softness in the housing and automotive
sectors of the economy. Those gains were led by shipments of export coal, grain, ethanol
and metals, as well as strong yields and fuel recovery in all markets.
Revenue growth and moderating fuel costs, combined with the company’s continued focus
on productivity and cost control, increased operating income by 31 percent to $733 million,
despite the impact of recent storms. In addition, the operating ratio improved 250 basis
points to 75.2 percent, which represents a third quarter record.
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