Please do not leave this page until complete. This can take a few moments.
Weather-related disruptions put a dent in earnings for CSX Corp. in the first quarter, bringing net income down to $398 million, compared to $462 million in 2013, the freight carrier announced.
That translated to earnings of 40 cents per share, down from 45 cents a year earlier for the quarter, which ended March 28. Meanwhile, revenue increased 2 percent to $3 billion for the Florida-based transportation company that has operations in Worcester and Westborough. The increase was due to volume increases in CSX’s intermodal and merchandise markets, which more than offset declines in coal shipments, according to a statement.
“Thanks to the hard work of our employees, service levels are gradually recovering and we are capitalizing on an economy that continues to show positive momentum,” President and CEO Michal J. Ward said.
While operating income declined 16 percent to $739 million in the first quarter, CSX said it expects modest full-year growth in 2014, based on “the strength of broad-based merchandise and intermodal gains and an improving domestic coal environment,” the statement said.
The company announced a 7 percent increase in its quarterly dividend, to 16 cents per share, payable to shareholders on June 13.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments