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CSX Posts Record Q1 Earnings, Boosts Dividend

By Eric Volkman - Apr 16, 2013 at 6:29PM

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The company notches a quarter that tops previous high-water marks.

CSX (CSX 1.70%) results for the company's initial quarter of its fiscal 2013 have been released. The firm broke several of its Q1 records, most notably net earnings and EPS. These came in at $459 million and $0.45, respectively, against $449 million and $0.43 in the same period last year. Revenue, meanwhile, was essentially flat over that time span at just under $3.0 billion.

For the most recent quarter, analysts had expected revenue of $2.9 billion and EPS of $0.40.

CSX also announced an increase in its quarterly dividend and a fresh stock repurchase program. The new dividend is $0.15 per share, payable on June 14 to shareholders of record as of May 31. That amount represents an increase of 7%, or $0.01, over the previous distribution. The buyback program amounts to $1 billion, is effective immediately, and is anticipated to be completed within the next two years.

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