(CSX issued the following on January 19, 2010.)
JACKSONVILLE, Fla. — CSX Corporation (NYSE: CSX) today announced fourth quarter earnings from continuing operations of $305 million, or 77 cents a share, versus $361 million, or 92 cents a share, in the same period last year.
Highlights:
* Fourth quarter EPS from continuing operations of 77 cents
* Continued strong safety, service and productivity
* Full-year operating ratio of 74.7 percent
Fourth quarter revenue of $2.3 billion was 13 percent down from the prior year. This was driven by a 7 percent overall decline in volume as growth in the intermodal and automotive sectors was more than offset by declines in coal and merchandise. In addition, lower fuel prices led to decreased fuel surcharge recovery. Despite these factors, core pricing remained strong, reflecting high service levels and the overall value of freight rail transportation.
Total operating expense for the quarter was $1.7 billion, down 12 percent from the prior year. These savings, driven primarily by strong safety, service and productivity, contributed to operating income of $583 million for the quarter.
“The economy continued to show modest, sequential improvement in the quarter,” said Michael J. Ward, chairman, president and chief executive officer. “CSX worked aggressively on gaining operating leverage and further strengthening the fundamentals of our business for the future.”
CSX also announced full year 2009 earnings from continuing operations of $1.14 billion, or $2.87 a share, versus $1.5 billion, or $3.66 a share, for 2008.
The company continued to improve its network efficiency and safety in 2009, while reducing full-year operating costs by 20 percent compared to 2008. As a result, CSX posted a record annual operating ratio of 74.7 percent.
“In 2009, CSX put forth a decisive and effective response to the challenging economy while simultaneously building for the future,” said Ward. “Our performance is a clear demonstration of the resolve of our organization and the talents of our people.”
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 executives will conduct a quarterly earnings conference call with the investment community on January 20, 2010 at 8:30 a.m. ET. Investors, media and the public may listen to the conference call by dialing 888-327-6279 (888-EARN-CSX) and asking for the CSX earnings call. (Callers outside the U.S., dial 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.