(Source: CSX press release, January 16, 2018)
JACKSONVILLE, Fla. — CSX Corporation today announced fourth quarter 2017 net earnings of $4.1 billion, or $4.62 per share, versus $458 million, or $0.49 per share in the same period last year. Fourth quarter 2017 net earnings included a $3.6 billion net tax reform benefit resulting from the Tax Cuts and Jobs Act of 2017 and a $10 million net restructuring charge. Excluding these two items, fourth quarter 2017 adjusted net earnings were $573 million, or $0.64 per share.
“CSX’s performance continued to strengthen in the fourth quarter, building upon the scheduled railroading model that was instituted by Hunter Harrison,” said James M. Foote, president and chief executive officer. “I’m excited about the progress we are making and am confident we have the right team in place to achieve our goal of becoming the best railroad in North America.”
Revenue for the fourth quarter decreased $174 million, or six percent, when compared to the previous year, primarily due to the $178 million impact of an extra fiscal week in 2016 that resulted from the company’s 52/53 fiscal reporting calendar in 2016.
Expenses for the fourth quarter were down $291 million, or 14 percent, when compared to the fourth quarter in the previous year, which included $116 million in additional costs related to the extra week in 2016. Operating income in the fourth quarter of 2017 was
$1.12 billion.
CSX had full-year 2017 earnings per share of $5.99, operating income of $3.7 billion and an operating ratio of 67.9 percent. Adjusted for the impacts of the Tax Cuts and Jobs Act of 2017 and the company’s restructuring charge, adjusted earnings per share were $2.30, adjusted operating income was $3.9 billion and adjusted operating ratio was 66.3 percent for full-year 2017.
“CSX’s team of dedicated railroaders remains focused on creating value for our customers and our shareholders through operational excellence and the continued execution of our new operating plan,” said Foote. “We look forward to improving the quality of service for our customers and growing our business.”
CSX executives will conduct a conference call with the investment community this afternoon, January 16, at 4:30 p.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 http://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 through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.