CSX Corporation has reported 2016 fourth quarter net earnings of $458 million compared to $466 million in the same quarter of 2015. Earnings per share for the fourth quarter were $0.49 per share compared to $0.48 per share in the 2015 fourth quarter.
The fourth quarter of 2016 included an operating property sale and a debt refinancing charge. Both were $0.08 per share and offset each other in the quarter. The fourth quarter also included an extra accounting week resulting from the company’s 52/53 week fiscal reporting calendar, which benefitted earnings by $0.03 per share.
Revenue increased by 9 percent and expenses increased 2 percent for the fourth quarter. CSX reported an operating income of $1 billion, which included the $115 million gain from the property sale and the $62 million benefit from the extra week.
For full year 2016, CSX reported revenue of $11.1 billion, with a decline in volume of 5 percent overall and a 21 percent drop in the company’s coal business. Earnings per share were $1.81, operating income was $3.4 billion and the operating ratio for the year was 69.4 percent.
CSX Chairman and CEO Michael J. Ward stated, “In an environment where the company lost almost $470 million of coal revenue and experienced weakness across most of its markets, CSX delivered nearly $430 million of productivity savings in 2016, while improving customer service.”
“With business conditions gradually improving and the ongoing transformation into the CSX of Tomorrow, we will continue to deliver sustainable shareholder value,” added Ward.