Thursday, January 16, 2014

CSX releases 4Q, full-year results

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CSX Corp. reported fourth-quarter earnings of $426 million, or 42 cents per share, down slightly from $449 million, or 44 cents per share, in the fourth quarter of 2012. That fell a penny short of Wall Street analyst expectations.

Prior year results included after-tax real estate gains of $57 million, or 6 cents per share, Jacksonville, Fla.-based CSX said late Wednesday, Jan. 15, 2014.

CSX said intermodal and merchandise market segments paced fourth-quarter revenue of $3.0 billion, up 5% from 2012's fourth quarter, and also just shy of analyst expectations of $3.01 billion. CSX said it was pleased by the gains which it notched despite what it described as "challenging winter weather at the end of the quarter." But coal volume fell 5%, while coal revenue fell 9% in the quarter compared with the year-ago period.

"Supported by the strength of an expanding economy, we delivered 6 percent volume growth in the quarter, despite another sharp decline in coal," said Chairman, President and CEO Michael J. Ward. "As the economy continues to expand, CSX is well positioned to leverage that environment to create sustainable long-term value for our customers and shareholders."

For 2013 overall, CSX recorded, net earnings were $1.83 per share, up slightly from $1.79 per share in 2012. Revenue rose 2% in 2013 to a record $12.0 billion, operating income remained stable at $3.5 billion, and CSX's operating ratio increased slightly to 71.1%, compared with 70.6% in 2012.

CSX says it remains on target to sustain a high-60s operating ratio by 2015 and achieve a mid-60s operating ratio after that.