CSX Corporation Announces Fourth-Quarter and Full-Year Earnings
Fourth-quarter and full-year earnings per share of $0.42 and $1.83, respectively
Revenue gains broad-based, led by intermodal and merchandise markets
Favorable outlook for majority of markets in 2014
JACKSONVILLE, Fla. - January 15, 2014 - CSX Corporation (NYSE: CSX) today announced fourth-quarter 2013 net earnings of $426 million, or $0.42 per share, down slightly from $449 million, or $0.44 per share in 2012. Prior year results included after-tax real estate gains of $57 million or 6 cents per share.
“Supported by the strength of an expanding economy, we delivered 6 percent volume growth in the quarter, despite another sharp decline in coal,” said Michael J. Ward, chairman, president and chief executive officer. “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.”
Fourth-quarter revenue increased 5 percent to $3.0 billion, driven by broad-based strength in the company’s merchandise and intermodal markets. Operations were resilient in the quarter, despite increased volume and challenging winter weather at the end of the quarter. However, the cycling of prior year real estate gains contributed to operating income that was essentially unchanged at $813 million.
For the full-year 2013, net earnings were $1.83 per share, up slightly from $1.79 per share in 2012. Full-year 2013 revenue increased 2 percent to a record $12.0 billion, operating income remained stable at $3.5 billion, and the operating ratio increased slightly to 71.1 percent compared with 70.6 percent for 2012.
Looking forward, the company remains on target to sustain a high-60s operating ratio by 2015 and achieve a mid-60s operating ratio longer-term.
The following information was filed by Csx Corp (CSX) on Wednesday, January 15, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CSX CIK: 277948 Form Type: 10-K Annual Report Accession Number: 0000277948-14-000011 Submitted to the SEC: Wed Feb 12 2014 4:15:05 PM EST Accepted by the SEC: Wed Feb 12 2014 Period: Friday, December 27, 2013 Industry: Railroads Line Haul Operating