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1/30/2003



Rail News: Rail Industry Trends

CSX posts positive yearly, quarterly financials


On Jan. 30, CSX Corp. reported 2002 net income of $424 million compared with $293 million in 2001. The company's annual operating income of $1.1 billion increased $170 million and operating revenue of $8.1 billion rose $42 million.


CSX Transportation also boosted annual operating income, by $111 million, and reduced operating expenses $44 million compared with 2001. The railroad's annual operating ratio of 85.8 represented a 2.0-point improvement.


However, CSXT's annual operating revenue of $6.0 billion decreased $79 million.


In the fourth quarter, CSX earned $137 million in net income, more than doubling fourth-quarter 2001's $65 million. The company's quarterly operating income rose $97 million and operating revenue increased $51 million compared with the same 2001 period.


CSXT's quarterly operating income rose $87 million, operating expenses dropped $3 million and operating revenue increased $7 million compared with fourth-quarter 2001. The railroad's quarterly operating ratio of 83.7 improved 5.8 points.


"Our productivity gains and cost reduction efforts throughout the company will continue," said CSX and CSXT President Michael Ward in a prepared statement. "With our pricing programs and modal conversion initiatives, we are looking for revenue gains even in a flat economy."


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