CSX’s 4th quarter profit up 49%
Jacksonville-based CSX Corp. said Tuesday that “strong performances in our surface transportation businesses” helped it achieve a fourth quarter net income of $237 million, up 49 percent from $159 million for the same period in 2004.
CSX’s operating income for surface transportation in the third quarter was $415 million, up 32 percent compared to the $315 million posted in the prior-year quarter. On a consolidated basis, operating revenue was up 8 percent to $2.21 billion.
CSX said the improved quarterly revenue was helped by increases in merchandise (up 12.9 percent); coal, coke and iron ore (10.9 percent); automotive (7.3 percent); and intermodal (6.7 percent).
For the full year, CSX posted a net income of $720 million, up 72 percent from $418 million in 2004. Operating income improved 56 percent to $1.55 billion from $993 million. CSX’s annual revenues were up 7 percent to $8.61 billion from $8.04 billion in 2004.
“We enter 2006 with a strong foundation, an economic environment that favors rail transportation, and momentum behind our key strategies,” said Michael J. Ward, CSX’s chairman and chief executive officer. “In addition, we are on schedule with our capacity expansion plans to further drive value for our customers and shareholders.”
CSX’s shares were down 3.11 percent, or $1.66 to $50.75 on the New York Stock Exchange at close of trading Tuesday.