CSX railroad’s 1Q improves as rate increases offset lower coal shipments, earnings beat Street

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In this Friday, Jan. 18, 2013, photo, a CSX train passes through New Scotland, N.Y. CSX Corp. reports quarterly financial results after the market closes on Tuesday, April 16, 2013. (AP Photo/Mike Groll)

JACKSONVILLE, Fla. – CSX Corp. says its first-quarter profit chugged ahead 2 per cent as a decline in coal revenue was offset by rate increases for other shipments.

The Jacksonville, Fla.-based railroad reported $459 million net income, or 45 cents per share, on $2.96 billion in revenue. That beat Wall Street’s expectations and topped last year’s $449 million profit, or 43 cents per share.

Analysts surveyed by FactSet expected earnings of 40 cents per share on revenue of $2.92 billion.

CSX predicts its earnings will be relatively flat in 2013 but should grow 10 to 15 per cent in 2014 and 2015.

CSX plans to boost its quarterly dividend by a penny to 15 cents per share in June, and the railroad’s board approved spending $1 billion to repurchase CSX stock.

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