CSX 4th quarter earnings fall
CSX said it had from continuing operations earnings of $305 million in the fourth quarter, 16 percent less than the $361 million from the same businesses in the same 2008 period.
The continuing operations figure excludes the effect of the Greenbrier resort, which CSX sold last year.
Revenue of $2.3 billion was down 13 percent from $2.7 billion in the same period the prior year.
CSX said growth in intermodal and automotive cargo was offset by declines in categories such as coal and merchandise. It also said revenues were affected by lower fuel charges.
In the fourth quarter intermodal volumes were up 5 percent with a domestic volume increase of 15 percent offsetting a 7 percent decline in intermodal volumes.
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The company said for its international intermodal business, “weakness in global trade is beginning to ease. Volume improved sequentially due to new service offerings and a slight fall peak in shipping in advance of the holiday season. Revenue-per-unit was lower due to decreased fuel recovery, partially offset by contract price increases.”
Its domestic intermodal volume increased as continued truckload conversions, expanded service offerings and a slight fall peak in shipping in advance of the holiday season offset the decline in other market segments. The domestic revenue-per-unit was also lower, again because decreased fuel recovery and competitive truck pricing, CSX said.
Michael J. Ward, chairman, president and chief executive officer, said 'the economy continued to show modest, sequential improvement in the quarter.”