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January 16, 2015

Record quarter, year for CSX

CSX Corp. has announced record fourth-quarter 2014 net earnings of $491 million, a 15 percent increase from $426 million for the same period last year. The company also generated record fourth-quarter earnings per share of 49 cents, up 17 cents from $0.42 in 2013.

Worcester is the New England rail freight rail hub for the intermodal transportation company, headquartered in Jacksonville, Fla. CSX also has operations in Westborough.

"CSX is capturing broad-based market strength, completing strategic infrastructure projects and adding resources to further improve service performance and leverage growth opportunities," Michael J. Ward, chairman, president and CEO, said in a statement on the financial results Tuesday. "Building on a foundation of strong safety and customer service, we expect to continue growing our intermodal and merchandise businesses faster than the economy, pricing above inflation, and driving efficient asset utilization."

Fourth-quarter revenue increased 5 percent to $3.2 billion, with strength across merchandise, intermodal and coal freight, the company reported. “The timely addition of operating resources enhanced service through the fall peak shipping season and supported volume growth. As a result, operating income increased 11 percent to $901 million,” CSX said.

For the full year, CSX produced all-time records for revenue ($12.7 billion), operating income ($3.6 billion), net earnings ($1.9 billion) and earnings per share ($1.92).

For 2015, the company said it expects double-digit earnings per share growth and margin expansion.

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