CSX Corp. revenue for the fourth quarter decreased 2 percent from the prior year to $2.83 billion.
Officials noted its intermodal growth was more than offset by lower fuel surcharge revenue and coal declines.
The company reported fourth-quarter 2020 net earnings of $760 million, or $0.99 per share. These results include a charge of $48 million, or $0.05 per share after-tax, related to the early retirement of debt.
“I am extremely proud of how CSX’s team of railroaders continuously rose to the challenges this year presented,” James M. Foote, president and chief executive officer, said in a news release. “Throughout this difficult period, they have shown an unwavering commitment to our customers and remained focused on ensuring the delivery of critical goods to millions of Americans.”
Expenses decreased 7 percent year over year to $1.61 billion, driven by lower fuel expense and efficiency gains. Operating income increased 5 percent for the quarter to $1.22 billion, compared to $1.15 billion in the same period last year.
CSX’s operating ratio set a company fourth-quarter record of 57.0 percent, compared with 60.0 percent in the prior year. Despite the lower level of economic activity and operating challenges presented by the COVID-19 pandemic, CSX produced a full year 2020 operating ratio of 58.8 percent, exceeding the Company’s initial guidance of a 59.0 percent operating ratio.