CSX REPORTS HIGHER EARNINGS IN 4TH QUARTER, 2002
CSX Corp. on Thursday reported net income of $137 million for the fourth quarter of 2002, up from $65 million in 2001.
The company’s fourth-quarter 2001 earnings included a litigation provision that reduced earnings by $37 million.
For all of 2002, CSX posted net income of $424 million, compared to $293 million for 2001.
Revenues in the fourth quarter of 2002 were $2.06 billion, compared to $2.01 billion in the final quarter of 2001.
The company’s 2002 fourth-quarter results include CSX Lines, which is being conveyed to the Carlyle Group, and CSX World Terminals.
In a statement, CSX said, “merchandise, automotive, and intermodal revenue gains” in the fourth quarter “more than offset an 8-percent year-to-year decline in coal revenues.”