CSX SEES BOOST IN 4TH-QUARTER INCOME
CSX Corp. reported a fourth-quarter net income of $54 million, compared to a net loss of $25 million for the year-earlier quarter.
Revenue fell 22.0 percent to $2.05 billion. The 1999 totals included revenue and an operating loss from the company's former Sea-Land international container-shipping business, which was sold at the end of the year.
Combined rail and intermodal revenues and operating income for the quarter were $1.8 billion and $205 million, respectively, both up slightly from 1999, the company said.
CSX World Terminals posted “strong earnings for the quarter,” the company said. However, earnings from CSX Lines “were disappointing,” CSX said.
CSX Transportation saw fourth-quarter operating income of $167 million, up from $164 million for the year-earlier period, while revenue was flat at $1.51 billion. CSXT's operating ratio improved slightly to 89.0 percent.
CSX Intermodal's operating income rose 15.2 percent to $38 million, on revenue of $301 million, up 2.0 percent. CSXI's operating ratio improved 1.4 percentage points to 87.4 percent.
'Railroad operations are consistently improving, and service reliability is much better than we have seen in previous quarters,' said John W. Snow, chairman and chief executive officer of CSX Corp. 'CSX Transportation President Michael Ward and the rail and intermodal management teams are doing a terrific job in moving us to much higher levels of operating performance.
CSXT and CSXI are expected to account for about 90 percent of the company’s total earnings and revenues during 2001, Snow said.
The marine services arm of CSX reported a fourth-quarter operating income of $10 million, on revenues of $239 million. This compares with operating losses of $110 million and revenues of $824 million in the corresponding quarter of 1999, when Sea-Land’s international services were included.
CSX World Terminals contributed an operating income of $20 million in the latest quarter, partly offset by $10 million of losses from CSX Lines’ domestic container shipping business, due to difficulties in the Puerto Rico trade and rising costs.
For the year, CSX Corp. reported net income of $565 million, compared to $2 million 1999. Revenue in 2000 was down 21.1 percent to $8.19 billion, reflecting the sale of Sea-Land's international operations.
Operating income for CSXT fell 20.1 percent to $615 million, while CSXI saw operating rise 19.5 percent to $98 million. Full-year rail and intermodal operating results were affected by CSX's integration of its share of the Conrail system. The 1999 results reflect only seven months of integrated Conrail operations.
'CSX’s marine services posted an operating income of $71 million that came entirely from the highly profitable CSX World Terminals. CSX Lines broke even overall last year. Combined maritime revenues were $968 million for the year, down from $3.8 billion in 1999, when Sea-Land was part of the group.