CSX 4Q beats Street estimates
Written by William C. Vantuono, Editor-in-ChiefCSX Corp. late Monday reported fourth-quarter earnings of $430 million, or $1.15 a share, up 48% from the $303 million, or 77 cents a share, in the fourth quarter of 2009. That beat Wall Street analyst consensus earnings estimates of $1.10 a share.
Revenue rose 21% to $2.8 billion, also surpassing estimates of $2.67 billion. CSX’s fourth-quarter operating ratio was 70%, while its full-year ratio was 71.1%.
CSX also said it expects to set financial records in 2011, and also that it plans capital expenditures of $2 billion, up from $1.8 billion in 2010. The company also expects to repurchase roughly $300 million in company shares during the first quarter to complete its $3 billion repurchase program.
“This investment will further strengthen our company’s transportation network, enhance our ability to reliably serve America’s freight transportation needs, and create shareholder value in the near- and long-term,” said Chairman, President, and CEO Michael J. Ward in a statement.
Shares of CSX were up 2.6% at $69.45 in early afternoon trading Tuesday on the New York Stock Exchange.
