CSX Announces Preliminary Fourth Quarter Results

JACKSONVILLE, Fla. — CSX Corp. announced preliminary fourth quarter earnings per share of 63 cents.

These results include a noncash impairment charge of approximately 27 cents per share related to the write-down of its investment in The Greenbrier resort in White Sulphur Springs, West Virginia. Excluding this charge and insurance gains of 1 cent in the prior year quarter, comparable earnings per share would be approximately 90 cents, which represents a 6 percent increase over the prior year quarter.

Overall revenues are expected to be approximately $2.7 billion for the quarter, up 4 percent from the prior year period. This was driven by higher yields and fuel recovery, which are expected to offset the impact of significantly lower volumes. Operating income, on a comparable basis, is estimated to increase 16 percent to $692 million, resulting in an operating ratio of approximately 74.1 percent.

“Our team’s commitment helped CSX weather the difficult economic environment, which continues to impact our business,” said Michael Ward, chairman, president and CEO.

CSX plans to issue its full fourth-quarter and fiscal 2008 financial and operating results after the market close on Jan. 20. Given the current economic challenges, particularly the uncertainty facing U.S. manufacturing, the company is no longer affirming or providing long-term guidance, it said in a news release.

Further information regarding the fourth quarter and full-year results will be available on the company’s quarterly earnings conference call with the investment community scheduled for Jan. 21.

— PRNewswire-FirstCall