Weather cuts into CSX earnings for Q1
Weather-related disruptions put a dent in earnings for CSX Corp. in the first quarter, bringing net income down to $398 million, compared to $462 million in 2013, the freight carrier announced.
That translated to earnings of 40 cents per share, down from 45 cents a year earlier for the quarter, which ended March 28. Meanwhile, revenue increased 2 percent to $3 billion for the Florida-based transportation company that has operations in Worcester and Westborough. The increase was due to volume increases in CSX’s intermodal and merchandise markets, which more than offset declines in coal shipments, according to a statement.
“Thanks to the hard work of our employees, service levels are gradually recovering and we are capitalizing on an economy that continues to show positive momentum,” President and CEO Michal J. Ward said.
While operating income declined 16 percent to $739 million in the first quarter, CSX said it expects modest full-year growth in 2014, based on “the strength of broad-based merchandise and intermodal gains and an improving domestic coal environment,” the statement said.
The company announced a 7 percent increase in its quarterly dividend, to 16 cents per share, payable to shareholders on June 13.
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