CSX Corp. (CSX) Tops Q2 EPS by 5c; $500M Stock Buyback

CSX Corp. (NASDAQ: CSX) reported Q2 EPS of $0.64, $0.05 better than the analyst estimate of $0.59.

“We are implementing Precision Scheduled Railroading on an expedited timetable, converting switching operations, balancing the network, streamlining resources and getting more out of our assets,” said E. Hunter Harrison, president and chief executive officer. “Although there still remains a lot to be done, we are confident that these initiatives will drive improved customer service, greater resource efficiency and superior shareholder value.”

The Board authorized an additional $500 million for the current share repurchase program, which now totals $1.5 billion. As part of this program, nearly $500 million of company shares were repurchased in the second quarter. At the same time, the company is currently evaluating its cash deployment strategy with respect to capital structure and shareholder distributions, and is committed to an investment grade rating.

For earnings history and earnings-related data on CSX Corp. (CSX) click here.

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