(The Associated Press circulated the following article on January 24.)
JACKSONVILLE, Fla. — Rail operator CSX Corp. posted a $237 million fourth quarter profit Tuesday, up from $66 million in the same period in 2004, a change that largely reflects a year-ago loss from an international terminals business the company has since sold.
The company, which operates the largest rail system in the eastern United States, said it earned $1.03 per share for the October through December quarter, compared with 30 cents a share in the same period a year ago. Analysts had forecast consensus earnings of 90 cents per share, according to a survey by Thomson Financial.
CSX reported quarterly revenue of $2.22 billion, up from $2.18 billion.
The company said the 259 percent increase in its quarterly earnings is, in part, the result of a loss of $93 million it incurred before selling its International Terminals business in early 2005.
The profit growth was also driven by growth in its surface transportation business, higher real estate sales and lower interest expenses.
Shares of CSX fell 95 cents, or 1.8 percent, to $51.43 in afternoon trading on the New York Stock Exchange.