JACKSONVILLE, Fla. CSX Corporation (NYSE: CSX) today announced fourth quarter earnings per share of 63 cents. These results include a noncash impairment charge of 27 cents per share related to the write-down of its investment in The Greenbrier resort. Excluding this charge and gains from insurance recoveries in the prior year quarter, comparable earnings per share increased to 90 cents, a 6 percent increase on a year-over-year basis.
Fourth quarter highlights: * Revenues grow to $2.7 billion * Operating income increases to $692 million * Operating ratio improves to 74.1 percent
"CSX achieved solid financial results in the fourth quarter," said Michael J. Ward, chairman, president and CEO. "The company finished 2008 in a strong financial position and began taking aggressive actions in the quarter as the intensifying global recession dramatically impacted our business."
Revenues in the quarter increased four percent over last year, to $2.7 billion. The gains were driven by higher yields and fuel recovery, which more than offset the impact of significantly lower volumes. Operating income, on a comparable basis, increased 16 percent to $692 million, resulting in an operating ratio of 74.1 percent. Lower fuel costs and the company's productivity initiatives helped drive the increase in operating income as well as the improvement to a record fourth quarter operating ratio.
"Given the current economic environment, the company is accelerating its focus on driving productivity, changing its cost structure, creating efficiency and right sizing the resource base," said Ward. "We will achieve this while keeping our intense focus on safety and customer service."
CSX Corporation, based in Jacksonville, Fla., is a leading transportation company providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports.
This earnings announcement, as well as a package of detailed financial information, is contained in the CSX Quarterly Financial Report available on the company's website at http://investors.csx.com in the Investors section and on Form 8-K with the Securities and Exchange Commission ("SEC").
CSX 4Q earnings fall, miss views (The Associated Press circulated the following on January 20, 2009.)
JACKSONVILLE, Fla. Railroad operator CSX says its fourth-quarter earnings sank 32 percent from a year-earlier, mostly due to a sizable writedown on the value of a resort the company owns.
The Jacksonville, Fla.-based company posted net earnings of $247 million, or 63 cents per share, compared with $365 million, or 86 cents per share a year earlier. The 2008 period includes a charge of 27 cents per share related to the money-losing Greenbrier resort the company owns.
Excluding the one-time charge, CSX Corp. earned 90 cents per share.
Revenue rose 4 percent to $2.7 billion, helped by higher prices and fuel surcharges.
Thomson Reuters says analysts expected a profit of 91 cents per share, on average, on revenue of $2.71 billion.
