CSX reported this week that it had fourth quarter 2020 net earnings of $760 million or 99 cents per share, compared with $771 million or 99 cents per share in the same quarter in 2019.
For the last quarter of 2020, net income included a $48 million charge or 5 cents per share after taxes that was related to debt retirement.
Revenue during the quarter decreased 2 percent compared with the previous year to $2.83 billion.
In a news release CSX said intermodal growth was more than offset by lower fuel surcharge revenue and declines in coal traffic.
Expenses fell 7 percent in a year-over-year comparison to $1.61 billion, driven by fuel expenses and efficiency gains.
Operating income rose 5 percent to $1.22 billion from $1.15 billion compared with the fourth quarter of 2019.
CSX reported a fourth quarter operating ratio of 57 percent, which official said was a fourth quarter record.
In the fourth quarter of 2019 the operating ratio, which measures expenses as a percentage of revenue, was 60 percent.
CSX management expects traffic volume in 2021 to outpace gross domestic product growth, with merchandise volume growth exceeding industrial production.
Management expects intermodal volume to grown faster than merchandise and coal traffic to show some improvement over its 2020 levels.
The carrier is expected capital expenditures of $1.7 billion to $1.8 billion this year.
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