CSX Corp. reported a 11 percent increase in first quarter earnings year to year. CSX reported earnings of $442 million dollars, or $0.45 cents per share. 1Q earnings were at $398 million dollars a year ago, or $0.40 cents per share. Total revenue reported by CSX was at $3 billion dollars.
CSX saw growth in several market sectors in the first quarter. The strong U.S. economy played a role in that growth, as well as an improved pricing environment although a percentage would be offset due to lower natural gas prices.
CSX also announced a $2 billion dollar share repurchase program that will cover the next 24 months and is expected to boost its dividend by 13 percent to $0.18 cents a share.
CSX Corp competitor Norfolk Southern Corp saw a sharp decline in earnings as its first quarter earnings dropped by 15 percent compared to first quarter earnings in 2014. Norfolk earnings are expected to drop to $1.00 per share. Norfolk Southern Corp. will release its earnings on April 29th.