CSX today reported first quarter net income of $459 million, up 2 percent from $449 million in the same period last year.
Quarterly revenue totaled nearly $3 billion, basically flat compared with 2012, as gains in merchandise, intermodal and other revenue offset declines in the Class I railroad’s coal business. These revenues, combined with strength in operations, drove first quarter operating income of $875 million and an operating ratio of 70.4 percent.
Additionally, CSX announced that its board of directors approved a 7 percent increase in the quarterly dividend on the company’s common stock, as well as a new $1.0 billion share buyback program.
“These actions reflect the strength of CSX’s core earning power and its confidence in the future,” said Michael J. Ward, chairman, president and CEO, in a written statement. “They build upon the $2.3 billion of investment CSX is making this year to meet the nation’s future transportation needs and drive long-term shareholder value.”