CSX Q1 Profit Tops Estimate

(RTTNews) - CSX Corp. (CSX) reported net earnings for the first quarter of $442 million or $0.45 per share, compared to $398 million or $0.40 per share for the year-ago quarter.

Revenue in the quarter was $3.03 billion, compared to $3.01 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.44 per share on revenue of $3.02 billion for the first quarter.

The company also said its Board of Directors has approved a 13% increase in the company's quarterly dividend to $0.18 per share, payable on June 15 to shareholders of record on May 29.

The company's board has also approved a new $2 billion share repurchase program, which is expected to be completed over the next 24 months. This follows the successful completion of CSX's previous repurchase plan, during which the company bought back $1 billion worth of shares.