CSX Q1 Profit Tops Estimate; Boosts Dividend

(RTTNews) - CSX Corp. (CSX) reported first quarter net earnings of $398 million or $0.40 per share, down from $462 million or $0.45 per share for the year-ago quarter.

Revenue for the first quarter grew 2% to $3.0 billion on volume increases of 3%, with strength in intermodal and merchandise markets more than offsetting declines in coal.

Analysts polled by Thomson Reuters expected the company to earn $0.37 per share on revenue of $2.99 billion for the first quarter.

Looking forward, CSX continues to expect modest full-year earnings growth for 2014 on the strength of broad-based merchandise and intermodal gains and an improving domestic coal environment.

CSX also said that its Board of Directors approved a 7% increase in the company's quarterly dividend to $0.16 per share, payable on June 13 to shareholders of record at the close of business on May 28.