(CSX issued the following news release on January 24.)
JACKSONVILLE, Fla. — CSX Corporation today reported fourth quarter 2005 net earnings of $237 million, or $1.03 per share, a 45 percent increase in earnings per share from continuing operations versus the same quarter in 2004.
“CSX delivered another quarter of strong performance in our Surface Transportation businesses,” said Michael J. Ward, CSX Corporation chairman and chief executive officer. “Our operations team is gaining traction in executing the ONE Plan, even while re-constructing our storm-damaged infrastructure on the Gulf Coast.”
The company’s net earnings were driven by stronger Surface Transportation operating income, higher real estate sales and lower interest expense. Surface Transportation, which includes rail and intermodal operations, achieved:
* the eighth consecutive quarter of both revenue and operating income growth;
* revenue of $2.2 billion, which represents a quarterly record for the company;
* record fourth-quarter operating income of $415 million, up 32 percent from the same period last year; and
* an operating ratio of 81.3 percent, an improvement of 4.3 points from the same quarter last year.
“We enter 2006 with a strong foundation, an economic environment that favors rail transportation, and momentum behind our key strategies,” Ward said. “In addition, we are on schedule with our capacity expansion plans to further drive value for our customers and shareholders.”
CSX executives will provide additional perspective on the quarterly results in its earnings conference call, beginning at 11 a.m. Eastern Time today. Those interested in participating may dial 866-248-8494 and ask for the CSX earnings call. Participants should dial in 10 minutes prior to the call. A live webcast and presentation materials will also be available on the company’s web site at http://www.csx.com in the Investors section.
In addition, detailed financial information is contained in the CSX Quarterly Flash document, which is also posted on the web site and furnished on Form 8-K with the Securities and Exchange Commission (SEC).
CSX Corporation, based in Jacksonville, Fla., is one of the leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company’s transportation network spans 22,000 miles, with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at the company’s web site, http://www.csx.com .