CSX Corporation yesterday announced fourth quarter 2019 net earnings of $771 million, or $0.99 per share, versus $843 million, or $1.01 per share in the same period last year. CSX’s operating ratio set a company fourth quarter record of 60.0 percent, compared with 60.3 percent in the prior year.
For the full year 2019, CSX generated net earnings of $3.33 billion, or $4.17 per share, versus $3.31 billion, or $3.84 per share in 2018, an increase of 1% and 9%, respectively. CSX’s full year 2019 operating ratio of 58.4 percent represents a new U.S. Class I railroad record, improving upon last year’s record result of 60.3 percent.
“The railroad has never run better and we are delivering great service to our customers,” said James M. Foote, president and chief executive officer. “What is really amazing is how our employees stepped up to produce efficiencies during tough economic conditions.”
Revenue for the fourth quarter decreased 8 percent versus prior year to $2.89 billion due to lower volumes and negative mix from coal market headwinds. Expenses decreased 9 percent year over year to $1.73 billion, driven by continued efficiency gains and volume-related savings. Operating income was down 8 percent to $1.15 billion compared to the same period last year.
CSX executives conducted a conference call with the investment community yesterday afternoon, January 16, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-327-6279 (1-888-EARN-CSX). For callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call and enter in 3276279 as the passcode.
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.
This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.
For additional Class 1 financial reports, please visit the links below: