Apr. 20, 2014 2:51 pm
Question
Welcome!
|
||
Logout|My Dashboard

CSX optimistic about profits after coal stabilizes

Print
Font Size:
Default font size
Larger font size

Posted: Wednesday, April 17, 2013 9:54 am | Updated: 10:33 am, Fri Aug 16, 2013.

JACKSONVILLE, Fla. (AP) — CSX railroad officials predict strong profit growth in 2014 and 2015, once coal shipments stabilize at a lower level this year.

CSX chairman, president and CEO Michael Ward said Wednesday that the railroad has dealt with the current decline in coal shipments, which is driven by relatively low natural gas prices.

Company officials are telling investors to expect 10- to 15 percent earnings growth in 2014 and 2015, after flat results this year. Ward says economic growth will boost the railroad's profits, once coal stabilizes.

Ward and other CSX executives held a conference call with investors Wednesday — one day after reporting first-quarter profit of $459 million, or 45 cents per share. That beat Wall Street's expectations and topped last year's $449 million profit, or 43 cents per share.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.

Marketplace