CSX Boosts Dividend by 8% on Improved Results

CSX Boosts Dividend by 8% on Improved Results
CSX Boosts Dividend by 8% on Improved Results

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.

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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.