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Rail News: CSX Transportation

CSX's 4Q: ONE Plan gains offset hurricane-related losses

During the fourth quarter, CSX Corp. earned record surface transportation revenue of $2.2 billion and increased operating income 32 percent to $415 million — the company’s eighth-straight quarter of revenue and operating income growth despite infrastructure repair costs and revenue losses associated with Hurricane Katrina.

In addition, CSX’s quarterly net earnings of $237 million rose 45 percent, operating ratio of 81.3 improved 4.3 points and surface transportation expenses of $1.8 billion dropped 3 percent compared with fourth-quarter 2004. Higher real estate sales and lower interest expenses helped drive up earnings.

“Our operations team is gaining traction in executing the ONE Plan, even while re-constructing our storm-damaged infrastructure on the Gulf Coast,” said CSX Chairman and Chief Executive Officer Michael Ward in a prepared statement.

During 2005, CSX’s surface transportation revenue totaled $8.6 billion, a 7.2 percent increase compared with 2004. Surface transportation operating income rose 56 percent to $1.5 billion, operating expenses were flat at $7 billion and the surface transportation operating ratio of 82 improved 5.6 points.

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More News from 1/24/2006