04/29/2011 AT 07:18
CSX delivered record financial results and achieved growth across nearly all markets in a growing economy, said Michael J. Ward, chairman, president and chief executive officer. We expect these positive trends to continue, allowing CSX to make critical investments and meet the future transportation needs of our customers and the nation.
Revenue in the quarter improved 13 percent from the prior year to $2.8 billion, driven primarily by a 7 percent increase in overall volume. Shipments across all major markets merchandise, intermodal and coal increased as the economy continued to grow.
The higher revenue coupled with the company's focus on profitable growth drove a 22 percent increase in operating income to $773 million and a record first quarter operating ratio of 72.5 percent, a 210 basis point improvement year-over-year.
Consistent with prior guidance, CSX expects to deliver a high-sixties operating ratio in 2011, which keeps the company on a path to a 65 percent operating ratio by no later than 2015.
Union Pacific Railroad and CSX Transportation (CSXT) are proud to announce the launch of RailChem Connect, a coordinated rail service for expedited transport of chemicals between the Texas Gulf Coast region and the Southeast.
CSX Intermodal has begun two new international services that link Buffalo, N.Y., to the Port Authority of New York and New Jersey (PANYNJ) and Philadelphia, Pa.
CSX announced a plan to reduce the CO2 emissions associated with its vast and economically vital train operations by 8% per revenue ton mile by 2011. The company made its commitment as part of its participation in the U.S.
CSX Corporation announced first quarter earnings of $246 million, or 62 cents a share, versus $351million, or 85 cents per share, last year. Excluding 5 cents per share from an equity earnings adjustment in the first quarter of 2008, comparable earnings per share declined 23 percent.