CSX Corporation (NYSE:CSX) has been making quite a bit of progress and has had a good 1Q2015 to prove its success. The company recently promoted David Baggs as treasurer, from his previous position as VP of capital markets and investor relations. He will replace David Boore, who retires on July 1. The announcement was made before the declaration of 1Q2015, which was accompanied by the news of an increase in dividend and a new share repurchase program. Now the company has also earned the title of Best Corporate Citizen by Corporate Responsibility Magazine.
Mr. Boor has responsible for guiding CSX activities in its capital structuring, investments and capital and debt markets. The CFO of CSX, Fredrik Eliasson, expressed his thoughts that the company had been fortunate to have Mr. Boor’s knowledge and expertise in the management of the company’s capital.
CSX has reported $442 million in earnings for the 1Q2015, an increase of 11% from the same period last year. The current EPS was reported to be $0.45, increasing 13% from last year’s $0.40. CSX reported success with its improved pricing environment, resulting in a growth across many of its subsidiaries. This resulted in the revenues reaching $3 billion.
There was additional good news for the shareholders as the company announced that the directors had approved an increase in the quarterly dividend. This was accompanied by the news of a new share repurchase program. The 13% increase in the dividend would be payable on June 15, 2015. The new share repurchase program has been estimated to be worth $2 billion and will be completed in the next 2 years.
Finally, CSX has also been named in the CR Magazine’s top 100 best corporate citizens. This is the company’s third appearance on the list, with it finishing amongst the top 50. The award was given to the company, in light of its recent developments towards sustainable growth and work efficiency.
CSX Corporation (NYSE:CSX) closed at $37.12, after gaining 0.62% on April 24. The company has 987.98 million shares being traded in the market, with a 52-week range of $27.58-$37.99.
