CSX’s Second-Quarter Earnings Dip
Eastern freight rail line CSX Corp.’s second-quarter earnings fell almost 17% from a year earlier, the railroad said.
Net income fell to $324 million or 71 cents a share, from $390 million or 83 cents a year earlier. Revenue rose about 5% to a record $2.35 billion.
Last year’s second-quarter results were boosted by work from Hurricane Katrina cleanup, the company said.
The company said higher prices drove per-unit revenue gains even as sales volume fell 2% from a year ago.
CSX also said it repurchased $548 million of its stock in the quarter, as part of its $3 billion stock repurchase program, and said it boosted its quarterly dividend by 25%, 15 cents a share.
