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CSX Corporation reports all-time record $0.56 per share

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Staff writer ▼ | July 14, 2015
CSX Corporation announced financial results for the second quarter of 2015, including net earnings of $553 million, or an all-time record $0.56 per share, an increase from $529 million, or $0.53 per share, in the second quarter of 2014.
CSX Corporation
CSX Corporation   Q2 net earnings $553 million
Revenue declined 6 percent, as pricing gains were more than offset by the impact of lower fuel recovery, a 1 percent volume decline and changing business mix. At the same time, continued low fuel prices and savings from efficiency initiatives reduced expenses by 9 percent.

As a result, CSX delivered record operating income of more than $1 billion for the quarter and a record-low operating ratio of 66.8 percent.

CSX expects to deliver mid-to-high single digit earnings per share growth for 2015, although the upper end of that range has become more challenging given the current energy environment.

With low natural gas prices and high inventory levels continuing to reduce utility coal demand, CSX now expects domestic coal volume to decline by approximately 10 percent for 2015 and the outlook for export coal volume remains approximately 30 million tons for the year.

The company also expects meaningful margin expansion as it progresses towards a full-year operating ratio in the mid-60s longer term.