CSX Announces Record Fourth Quarter and Full-Year 2010 Results

CSX Corporation announced fourth quarter earnings of $430 million, or $1.14 per share, versus $303 million, or $0.77per share, in the same period last year. This represents a 48 percent year-over-year improvement in earnings per share and a record fourth quarter for the company.

Fourth quarter revenue grew to $2.8 billion, a 21 percent increase from the prior year, on a 13 percent increase in volume. The fourth quarter of 2010 included an extra week resulting from the company’s 52/53 week fiscal reporting calendar.  Excluding the extra week, revenue increased 14 percent and volume increased seven percent on a comparable basis.

Continued revenue growth, along with productivity and operating leverage, drove a 46 percent increase in operating income to $846 million, and a 500 basis point improvement in the operating ratio to 70.0 percent for the quarter.

“With growth across nearly all the markets we serve and continued strong performance in our operations, we are driving outstanding value for our customers and shareholders,” said Michael J. Ward, chairman, president and chief executive officer.