CSX Corporation Announces Fourth-Quarter and Full-Year Results
JACKSONVILLE, Fla., Jan. 22, 2013
JACKSONVILLE, Fla., Jan. 22, 2013 /PRNewswire/ --CSX Corporation (NYSE: CSX)
today reported fourth quarter 2012 net earnings of $443 million, or $0.43
cents per share, compared to $457 million, or $0.43 cents per share, in the
prior same period. For the full year 2012, net earnings were $1.9 billion, or
$1.79 per share, up from $1.8 billion, or $1.67 per share, in 2011. For both
the fourth quarter and the full year, the EPS performances reflected shares
repurchased in 2012.
"CSX continues to demonstrate the underlying strength of its business model,
the ability to respond quickly to significant events in the marketplace, and a
steadfast focus on creating substantial shareholder value over the long term,"
said Michael J. Ward, chairman, president and chief executive officer.
For the quarter, total revenue of $2.9 billion declined 2 percent. The company
saw an increase in merchandise and intermodal shipments, but these gains were
more than offset by declines in coal resulting from low natural gas prices,
high coal inventory at utilities and lower global demand. As a result of the
lower revenue, which was partially offset by strong efficiency gains,
operating income declined 4 percent to $804 million and the operating ratio
increased 60 basis points to 72.1 percent.
For the full year, operating income increased 1 percent to $3.5 billion and
the operating ratio improved 30 basis points to 70.6 percent. Both improved on
the strength of efficiency gains and resource adjustments.
CSX also delivered exceptional safety and service levels throughout 2012. Its
personal injury rate was the best ever recorded for both the quarter and the
full year, and the train accident rate for both time periods was near all-time
best levels. Additionally, service levels remain high across all key measures,
with customer satisfaction ratings at record levels. This sets a strong
foundation for long-term growth and value creation for the company's
CSX executives will conduct a quarterly earnings conference call with the
investment community on January 23, 2013, at 8:30 a.m. Eastern time.
Investors, media and the public may listen to the conference call by dialing
1-888-327-6279 (888-EARN-CSX) and asking for the CSX earnings call. (Callers
outside the U.S., dial 1-773-756-0199). Participants should dial in 10 minutes
prior to the call. In conjunction with the call, a live webcast will be
accessible and presentation materials will be posted on the company's website
at http://investors.csx.com. Following the earnings call, an internet replay
of the presentation will be archived on the company website.
CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading
transportation companies, providing rail, intermodal and rail-to-truck
transload services. The company's transportation network spans approximately
21,000 miles, with service to 23 eastern states, the District of Columbia and
two Canadian provinces. CSX's network connects more than 240 short line
railroads and more than 70 ocean, river, and lake ports. More information
about CSX Corporation and its subsidiaries is available at www.csx.com. Like
us on Facebook (http://www.facebook.com/OfficialCSX) and follow us on Twitter
This information and other statements by the company may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act with respect to, among other items: projections and
estimates of earnings, revenues, margins, volumes, rates, cost-savings,
expenses, taxes, liquidity, capital expenditures, dividends, share repurchases
or other financial items, statements of management's plans, strategies and
objectives for future operations, and management's expectations as to future
performance and operations and the time by which objectives will be achieved,
statements concerning proposed new services, and statements regarding future
economic, industry or market conditions or performance. Forward-looking
statements are typically identified by words or phrases such as "will,"
"should," "believe," "expect," "anticipate," "project," "estimate,"
"preliminary" and similar expressions. Forward-looking statements speak only
as of the date they are made, and the company undertakes no obligation to
update or revise any forward-looking statement. If the company updates any
forward-looking statement, no inference should be drawn that the company will
make additional updates with respect to that statement or any other
Forward-looking statements are subject to a number of risks and uncertainties,
and actual performance or results could differ materially from that
anticipated by any forward-looking statements. Factors that may cause actual
results to differ materially from those contemplated by any forward-looking
statements include, among others; (i) the company's success in implementing
its financial and operational initiatives; (ii) changes in domestic or
international economic, political or business conditions, including those
affecting the transportation industry (such as the impact of industry
competition, conditions, performance and consolidation); (iii) legislative or
regulatory changes; (iv) the inherent business risks associated with safety
and security; (v) the outcome of claims and litigation involving or affecting
the company; (vi) natural events such as severe weather conditions or pandemic
health crises; and (vii) the inherent uncertainty associated with projecting
economic and business conditions.
Other important assumptions and factors that could cause actual results to
differ materially from those in the forward-looking statements are specified
in the company's SEC reports, accessible on the SEC's website at www.sec.gov
and the company's website at www.csx.com.
SOURCE CSX Corporation
Contact: David Baggs, Investor Relations, +1-904-359-4812, Lauren Rueger,
Corporate Communications, 1-877-835-5279
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