(The Associated Press circulated the following article on January 24.)
JACKSONVILLE, Fla. — Rail operator CSX Corp. posted a 259 percent increase in its fourth quarter profits Tuesday, reflecting the substantial charges taken by the company a year ago to pay for restructuring.
The company, which operates the largest rail system in the eastern United States, said it earned $237 million, or $1.03 per share, up from $66 million, or 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.
Shares of CSX fell 33 cents to $52.05 in early trading on the New York Stock Exchange.