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CSX Corporation reports developments for a Class I rail transportation business serving markets across the eastern United States. Company updates center on rail, intermodal and rail-to-truck transload services for energy, industrial, construction, agricultural and consumer-products customers, with network connections to major metropolitan areas, short-line railroads and ocean, river and lake ports.
Recurring CSX news includes quarterly operating results, freight volume and revenue drivers across merchandise, intermodal, coal and other cargo categories, service and corridor initiatives such as the Southeast Mexico Express, industrial-development activity through the CSX Select Site program, dividends, executive presentations and governance changes.
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CSX Corp. (NASDAQ: CSX) has declared a quarterly dividend of $0.10 per share on its common stock, with a payment date set for June 15, 2022. Shareholders on record as of May 31, 2022 will be eligible to receive this dividend. CSX, a leading transportation company based in Jacksonville, Florida, provides various rail and intermodal services across numerous markets, impacting major metropolitan areas in the eastern United States.
CSX Corp. (NASDAQ: CSX) will have Executive Vice President and CFO, Sean Pelkey, speaking at the 2022 Bank of America Securities 29th Annual Transportation, Airlines and Industrials Conference in Boston on May 17 at 8:00 a.m. Eastern time. The event will be webcast live, with a replay available afterward. CSX is a leading transportation company offering rail and intermodal services across various markets. Its extensive network supports economic growth and industrial development in the eastern U.S., connecting major cities and ports.
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CSX Corp. reported first quarter 2022 net earnings of $859 million ($0.39 per share), up from $706 million ($0.31 per share) last year. Revenue increased by 21% year-over-year to $3.41 billion, driven by a 24% rise in revenue-per-unit, even as volume fell by 2%. Operating income rose to $1.28 billion, a 16% increase from the previous year, though the operating ratio worsened by 150 basis points to 62.4%. The company's CEO expressed confidence in future growth due to a supportive market environment.
CSX Corp. announced a tentative agreement with SMART-TD to provide monthly advance payments for wage adjustments expected from the 2020 national bargaining settlement. Payments of up to $600 will be made from May 2022 until the end of the year or until a wage settlement is reached. This decision aims to support union employees facing high inflation and prolonged wait times for pay raises. CSX is also working to extend similar agreements to all unionized employees. The ongoing negotiations began in November 2019 and are currently under mediation.
CSX Corp. (NASDAQ: CSX) announced that the Surface Transportation Board approved its acquisition of Pan Am Railways, effective June 1, 2022. This acquisition is expected to enhance service offerings to New England customers, allowing CSX to integrate Pan Am's nearly 1,200-mile rail network. The deal aims to improve operational efficiency, reduce fuel consumption, and expand CSX's reach into Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine. Financial terms were not disclosed, but the integration is expected to bring significant benefits to shippers and stakeholders in the region.
CSX Corp. has appointed Steve Fortune as the new executive vice president and chief digital and technology officer. Fortune will oversee digital and technology initiatives aimed at enhancing growth and efficiency.
With over 30 years at BP, including serving as chief information officer, Fortune brings extensive leadership and technical expertise. CSX's leadership believes his experience is vital for driving innovation and sustainable growth in the transportation sector.
CSX Corp. (NASDAQ: CSX) announced it received notice of an unsolicited mini-tender offer from TRC Capital Investment Corporation to acquire up to four million shares at $34.75 each, which is 4.43% below the stock's closing price of $36.34 on March 18, 2022. CSX does not endorse this offer and advises shareholders not to tender their shares, as the offer price is below market value and subject to certain conditions. The expiration of the offer is set for April 20, 2022, at 12:01 a.m. New York City time.