CSX Announces 22% Increase in First Quarter Earnings Per Share from Continuing Operations

JACKSONVILLE, Fla. — CSX Corp. announced first quarter earnings per share from continuing operations of $306 million, or 78 cents per share, versus $254 million, or 64 cents per share, in the same period last year. This represents a 22 percent year-over-year improvement in earnings per share from continuing operations.

“CSX drove strong efficiencies in its operations and produced outstanding results as the economy continued to recover,” said Michael J. Ward, chairman, president and chief executive officer. “We are particularly proud of our excellent safety performance in the quarter, as our employees achieved record results in one of America’s safest industries.”

Revenue in the first quarter increased 11 percent from the prior year, to nearly $2.5 billion, with gains across most of the company’s markets. The combination of higher revenues and productivity also resulted in a record first quarter operating ratio of 74.5 percent and record first quarter operating income of $634 million.

“Our focus on safety, service and productivity has positioned CSX to produce strong results as the recovery continues,” Ward said. “These results will enable the company to continue investing in its business to support the nation’s growing demand for freight transportation, while driving shareholder value.”

CSX has invested approximately $5 billion in its network over the past three years, and is investing another $1.7 billion in 2010.