News Column

CSX Corp. Posts Fourth-Quarter and Full-Year Earnings

January 21, 2014

CSX Corp. 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. In a release on January 15 , the company noted earnings details: 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 CEO. "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. CSX executives will conduct a quarterly earnings conference call with the investment community on January 16 , at 8:30 a.m. Eastern time . Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) and asking for the CSX earnings call. Callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at investors.csx.com . Following the earnings call, an internet replay of the presentation will be archived on the company website. This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available on the company's website at investors.csx.com and on Form 8-K with the Securities and Exchange Commission . CSX, based in Jacksonville, Florida , is a transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. More Information: csx.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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