CSX Corp. said late Tuesday, Jan. 13, 2015 it had notched record fourth-quarter net earnings of $491 million, or 49 cents per share, up 15% from $426 million, or 42 cents per share, in the fourth quarter of 2013, and solidifying the Class I railroad's record earnings for the full year. Earnings per share met Wall Street analyst expectations.
Jacksonville, Fla.-based CSX expects 2015 to be healthy as well, anticipating "double-digit earnings per share growth and margin expansion, as it progresses toward a mid-60s operating ratio longer term," it said.
Fourth-quarter revenue rose 5% to $3.2 billion, with strength across merchandise, intermodal and, somewhat surprisingly, coal, up 11% from the same period in 2013. Operating income increased 11% to $901 million, while CSX'x operating ratio improved 140 basis points to 71.8%.
For the full year, "CSX produced new all-time records for revenue of $12.7 billion, operating income of $3.6 billion, net earnings of $1.9 billion and earnings per share of $1.92. At the same time, the operating ratio remained relatively stable at 71.5%," the company said.
"CSX is capturing broad-based market strength, completing strategic infrastructure projects and adding resources to further improve service performance and leverage growth opportunities," said CSX Chairman, President, and CEO Michael J. Ward.
Building on a foundation of strong safety and customer service, we expect to continue growing our intermodal and merchandise businesses faster than the economy, pricing above inflation, and driving efficient asset utilization," Ward said.