Grain News

CSX Reports 4Q Net Income of $426 Million, Down From $449 Million in 4Q 2012

Date Posted: January 16, 2014

Jacksonville, FL—CSX Corporation (NYSE: CSX) announced Jan. 15 fourth-quarter 2013 net earnings of $426 million, or $0.42 per share, down slightly from $449 million, or $0.44 per share in 2012.

Prior year results included after-tax real estate gains of $57 million or 6 cents per share.

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“Supported by the strength of an expanding economy, we delivered 6 percent volume growth in the quarter, despite another sharp decline in coal,” said Michael J. Ward, chairman, president and chief executive officer.

“As the economy continues to expand, CSX is well positioned to leverage that environment to create sustainable long-term value for our customers and shareholders.”

Fourth-quarter revenue increased 5 percent to $3.0 billion, driven by broad-based strength in the company’s merchandise and intermodal markets.

Operations were resilient in the quarter, despite increased volume and challenging winter weather at the end of the quarter.

However, the cycling of prior year real estate gains contributed to operating income that was essentially unchanged at $813 million.

For the full-year 2013, net earnings were $1.83 per share, up slightly from $1.79 per share in 2012.

Full-year 2013 revenue increased 2 percent to a record $12.0 billion, operating income remained stable at $3.5 billion, and the operating ratio increased slightly to 71.1 percent compared with 70.6 percent for 2012.

Looking forward, the company remains on target to sustain a high-60s operating ratio by 2015 and achieve a mid-60s operating ratio longer-term.

For more information, call 904-359-1702.

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