JACKSONVILLE, Fla.,
May 14, 2015 /PRNewswire/ -- CSX
(NYSE: CSX) Chief Financial Officer Fredrik
Eliasson today discussed the company's performance and
second quarter volume and earnings projections at the Bank of
America Merrill Lynch 2015 Transportation Conference in
Boston.
Eliasson highlighted CSX's financial performance over the past
decade, during which the company delivered a compound annual growth
rate in earnings per share of 20 percent, despite the loss of
nearly $900 million in coal revenue
over the last few years.
"We have delivered strong shareholder value by remaining focused
on our three key value levers: pricing above inflation, driving
ever more efficient operations, and growing our merchandise and
intermodal businesses faster than the economy," Eliasson said. "CSX
is emerging from the energy transition a stronger company with a
more diversified business mix, which has been evident over the last
three quarters in which we have delivered double-digit earnings
growth and significant margin expansion."
Eliasson outlined the company's view of second quarter volume,
which is tracking slightly below expected levels due to very strong
comparisons to last year. However, thanks to improving service
levels and asset utilization, the company still expects second
quarter EPS growth that is flat to slightly up compared to last
year.
For the full year, CSX continues to expect EPS growth in the
mid-to-high single digit range, as well as meaningful margin
expansion as the company makes progress toward a mid-60s operating
ratio. Earnings growth this year will be driven predominantly by
accelerating pricing performance and productivity gains approaching
$200 million as the company cycles
strong volume comparisons and additional headwinds coal.
The foundation of CSX's strategy is delivering excellent service
to customers. To that end, the company is making key resource
investments to enhance service to the levels it produced prior to
last year, and position CSX to take advantage of the long-term
growth opportunities present across nearly all of the markets it
serves.
About CSX Disclosures and the Company
This announcement, as well as additional financial information,
is available on the company's website at
http://investors.csx.com. CSX also uses social media channels
to communicate information about the company. Although social media
channels are not intended to be the primary method of disclosure
for material information, it is possible that certain information
CSX posts on social media could be deemed to be material.
Therefore, we encourage investors, the media, and others
interested in the company to review the information we post on
Twitter (http://twitter.com/CSX) and on Slideshare
(http://www.slideshare.net/HowTomorrowMoves). The social
media channels used by CSX may be updated from time to time.
More information about CSX Corporation and its subsidiaries is
available at www.csx.com and on Facebook
(http://www.facebook.com/OfficialCSX).
CSX, based in Jacksonville,
Florida, is a premier transportation company. It
provides rail, intermodal and rail-to-truck transload services and
solutions to customers across a broad array of markets, including
energy, industrial, construction, agricultural, and consumer
products. For nearly 190 years, CSX has played a critical
role in the nation's economic expansion and industrial
development. Its network connects every major metropolitan
area in the eastern United States,
where nearly two-thirds of the nation's population resides.
It also links more than 240 short-line railroads and more than 70
ocean, river and lake ports with major population centers and
farming towns alike.
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SOURCE CSX