Attached files
| file | filename |
|---|---|
| EX-99.2 - Q3 2009 QUARTERLY FINANCIAL REPORT - CSX CORP | qfr-q32009.htm |
| 8-K - Q3 2009 FORM 8-K - CSX CORP | form8-k_q32009.htm |
Contact:
David
Baggs, Investor Relations
904-359-4812
Garrick
Francis, Corporate Communications
877-835-5279
CSX Announces Third Quarter Earnings
Third
Quarter Highlights:
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·
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Earnings
per share of 74 cents and operating income of $598
million
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·
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Operating
ratio of 73.9 percent, a third quarter
record
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Strong
safety and service performance
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JACKSONVILLE, Fla., (Oct. 13, 2009)
– CSX Corporation [NYSE: CSX] today announced third quarter earnings from
continuing operations of $293 million, or 74 cents a share, versus $380 million,
or 93 cents a share, in the same period last year.
Third
quarter revenues of $2.3 billion were down 23 percent from the prior year,
primarily due to a 15 percent decline in volume and lower fuel surcharge
recovery. At the same time, core pricing remained strong and consistent with
prior quarters, reflecting high service levels and the overall value of rail
transportation. While volumes declined across the business, the rate
of decline continued to slow in nearly all markets compared to the second
quarter.
“The
third quarter reinforces our view that the worst of the recession is likely
behind us,” said Michael J. Ward, chairman, president and chief executive
officer. “At the same time, our coal business will be impacted by
weak demand well into 2010.”
CSX
continued to improve its network efficiency and safety while reducing operating
costs by 24 percent compared to the same period last year. As a result of these
efforts and a sustained focus on yield management, CSX produced operating income
of $598 million and a third quarter record operating ratio of 73.9
percent.
“The CSX
team is clearly demonstrating that it can achieve excellence in any
environment,” said Ward. “As the economy regains strength, we are
emerging as a stronger, leaner company in an industry that is positioned to grow
over the long term.”
CSX
Corporation, based in Jacksonville, Fla., is a leading transportation company
providing rail, intermodal and rail-to-truck transload services. The company’s
transportation network spans approximately 21,000 miles with service to 23
eastern states and the District of Columbia, and connects to more than 70 ocean,
river and lake ports.
This
earnings announcement, as well as a package of detailed financial information,
is contained in the CSX Quarterly Financial Report available on the company's
website at http://investors.csx.com
in the Investors section and on Form 8-K with the Securities and Exchange
Commission (“SEC”).
CSX
executives will conduct a quarterly earnings conference call with the investment
community on October 14, 2009 at 8:30 a.m. ET. Investors, media and the public
may listen to the conference call by dialing 888-327-6279 (888-EARN-CSX) and
asking for the CSX earnings call. (Callers outside the U.S., dial 773-756-0199).
Participants should dial in 10 minutes prior to the call. In conjunction with
the call, a live webcast will be accessible and presentation materials will be
posted on the company’s website at http://investors.csx.com.
Following the earnings call, an internet replay of the presentation will be
archived on the company website.
##
Forward-looking
statements
This
information and other statements by the company contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
with respect to, among other items: projections and estimates of earnings,
revenues, cost-savings, expenses, or other financial items; statements of
management’s plans, strategies and objectives for future operation, and
management’s expectations as to future performance and operations and the time
by which objectives will be achieved; statements concerning proposed new
products and services; and statements regarding future economic, industry or
market conditions or performance. Forward-looking statements are typically
identified by words or phrases such as “believe,” “expect,” “anticipate,”
“project,” “estimate,” “preliminary” and similar expressions. Forward-looking
statements speak only as of the date they are made, and the company undertakes
no obligation to update or revise any forward-looking statement. If the company
does update any forward-looking statement, no inference should be drawn that the
company will make additional updates with respect to that statement or any other
forward-looking statements.
Forward-looking
statements are subject to a number of risks and uncertainties, and actual
performance or results could differ materially from that anticipated by these
forward-looking statements. Factors that may cause actual results to differ
materially from those contemplated by these forward-looking statements include,
among others; (i) the company’s success in implementing its financial and
operational initiatives; (ii) changes in domestic or international economic or
business conditions, including those affecting the rail industry (such as the
impact of industry competition, conditions, performance and consolidation);
(iii) legislative or regulatory changes; (iv) the inherent business risks
associated with safety and security; and (v) the outcome of claims and
litigation involving or affecting the company.
Other
important assumptions and factors that could cause actual results to differ
materially from those in the forward-looking statements are specified in the
company’s SEC reports, accessible on the SEC’s website at www.sec.gov and the
company’s website at www.csx.com.