No. 3 U.S. railroad operator CSX (CSX) announced Wednesday it would boost its quarterly dividend by 8%, returning more of its earnings to shareholders.
CSX will pay 26 cents a share on Dec. 15 to stockholders of record as of Nov. 30, the company said in a statement. The company, which previously paid a quarterly dividend of 24 cents a share, has boosted its dividend eight times during the past five years.
The company, which reports third-quarter earnings Oct.12, said its second-quarter net income surged 36% from a year earlier to $414 million as revenue jumped 22% to $2.66 billion on increased shipping demand.
CSX shares were little changed at $55.88 a share at 3 p.m. Eastern time in New York Stock Exchange trading Wednesday.