CSX Announces Fourth Quarter and Full-Year 2009 Earnings

JACKSONVILLE, Fla. — CSX Corp. announced fourth quarter earnings from continuing operations of $305 million, or 77 cents a share, versus $361 million, or 92 cents a share, in the same period last year.

Fourth quarter revenue of $2.3 billion was 13 percent down from the prior year. This was driven by a 7 percent overall decline in volume as growth in the intermodal and automotive sectors was more than offset by declines in coal and merchandise. In addition, lower fuel prices led to decreased fuel surcharge recovery.

Despite these factors, core pricing remained strong, reflecting high service levels and the overall value of freight rail transportation, CSX said.

Total operating expense for the quarter was $1.7 billion, down 12 percent from the prior year. These savings, driven primarily by strong safety, service and productivity, contributed to operating income of $583 million for the quarter.

“The economy continued to show modest, sequential improvement in the quarter,” said Michael J. Ward, chairman, president and chief executive officer. “CSX worked aggressively on gaining operating leverage and further strengthening the fundamentals of our business for the future.”

CSX also announced full year 2009 earnings from continuing operations of $1.14 billion, or $2.87 a share, versus $1.5 billion, or $3.66 a share, for 2008.