JACKSONVILLE, Fla.,
June 3, 2015 /PRNewswire/ -- CSX
(NYSE: CSX) Chief Financial Officer Fredrik
Eliasson today reviewed the company's quarter-to-date volume
and service performance and reaffirmed second quarter and full-year
2015 earnings expectations at the Deutsche Bank Global Industrials
& Basic Material Conference in Chicago.
Eliasson also reviewed the company's decade of strong financial
performance, during which CSX expanded margins more than 1,600
basis points and delivered average annual growth in earnings per
share of 20 percent. This performance was achieved while
managing through a significant decline in the company's coal
business, historically its most profitable market.
"While overall volume is tracking slightly below the levels in
the second quarter of last year, service is improving steadily and
we remain on track to deliver second quarter earnings per share
that are flat to slightly up," Eliasson said. "Delivering
excellent service continues to underpin CSX's ability to create
strong shareholder value by pricing above inflation, driving ever
more efficient operations, and growing merchandise and intermodal
businesses faster than the economy."
Key service measures continue to improve in the second quarter,
as resources come on line in critical areas of the network. On-time
originations and arrivals, dwell time and velocity have all
improved during the quarter, and more meaningful improvements are
expected in the second half of the year.
The company's intermodal traffic, its main growth market, as
well as its construction sector are producing volume growth
quarter-to-date. At the same time, CSX sees increasing
headwinds in its coal markets. Full-year domestic coal volume
is expected to be down at least five percent reflecting low natural
gas prices, and export coal volumes are expected to decline to 30
million tons for the year as the stronger U.S. dollar and overseas
commodity prices reduce global demand for U.S. coal.
For 2015, CSX continues to expect earnings per share growth in
the mid-to-high single digit range and meaningful margin expansion
as it progresses toward a mid-60s operating ratio longer-term.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/csx-cfo-updates-volume-expectations-and-reaffirms-second-quarter-and-full-year-earnings-guidance-300093454.html
SOURCE CSX