CSX Corp. says restructuring and cost cutting under new CEO Hunter Harrison will lift profits at the railroad around 25 percent this year.

 

The Jacksonville-based railroad says its earnings per share will jump about 25 percent over last year’s $1.81, but that excludes restructuring costs.

CSX officials discussed their outlook Thursday, one day after reporting first-quarter earnings.

Harrison previously led Canadian Pacific and Canadian National railroads.

He says he’s already working to streamline the organization of CSX and eliminate redundant facilities such as railyards. The railroad will go from nine divisions to only a couple and its dispatching operations will be consolidated.

CSX also said it will repurchase $1 billion worth of its stock over the next year and increased its quarterly dividend to 20 cents from 18 cents.


500 employees lose jobs in Jacksonville as part of CSX layoffs (3/9/17)

CSX reaches deal with hedge fund, hires Hunter Harrison as new railroad CEO (3/7/17)

Jacksonville-based CSX to lay off 1,000 management-level employees; top executives retiring (2/21/17)