Tuesday, January 22, 2013

CSX 4Q earnings dip; full-year earnings advance

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CSX Corp. Tuesday afternoon reported fourth-quarter 2012 net earnings of $443 million, or 43 cents per share, compared with $457 million, or 43 cents per share, in the comparable 2011 quarter. Earnings per share, however, beat Wall Street analyst estimates by four cents. For full-year 2012, net earnings were $1.9 billion, or $1.79 per share, up from $1.8 billion, or $1.67 per share, in 2011.

Fourth-quarter revenue of $2.9 billion was down 2% from the comparable quarter in 2011. CSX's operating ratio increased 60 basis points to 72.1% in the fourth-quarter, but for the full year, the operating ratio improved 30 basis points to 70.6%, CSX said.

For both the fourth quarter and the full year, the earnings-per-share performances reflected shares repurchased in 2012, CSX noted.

"CSX continues to demonstrate the underlying strength of its business model, the ability to respond quickly to significant events in the marketplace, and a steadfast focus on creating substantial shareholder value over the long term," said CSX Chairman, President, and CEO Michael J. Ward.