CSX announces fourth quarter 2020 earnings results
Written by David C. Lester, Editor-in-Chief
David C. Lester
CSX Corp. [yesterday] announced fourth quarter 2020 net earnings of $760 million, or $0.99 per share. These results include a charge of $48 million, or $0.05 per share after-tax, related to the early retirement of debt.
CSX’s operating ratio set a company fourth quarter record of 57.0 percent, compared with 60.0 percent in the prior year. Despite the lower level of economic activity and operating challenges presented by the COVID-19 pandemic, CSX produced a full year 2020 operating ratio of 58.8 percent, exceeding the Company’s initial guidance of a 59.0 percent operating ratio.
“I am extremely proud of how CSX’s team of railroaders continuously rose to the challenges this year presented,” said James M. Foote, president and chief executive officer. “Throughout this difficult period, they have shown an unwavering commitment to our customers and remained focused on ensuring the delivery of critical goods to millions of Americans.”
Revenue for the fourth quarter decreased 2 percent from the prior year to $2.83 billion, as intermodal growth was more than offset by lower fuel surcharge revenue and coal declines. Expenses decreased 7 percent year over year to $1.61 billion, driven by lower fuel expense and efficiency gains. Operating income increased 5 percent for the quarter to $1.22 billion, compared to $1.15 billion in the same period last year.
Yesterday, CSX executives conducted a conference call with the investment community. 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, a webcast 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.
Links to other Class 1 Q4 2020 earnings results:
Union Pacific Q4 2020 and Full-Year 2020 results
Kansas City Southern Q4 2020 and Full-Year 2020 results
CN reports Q4 2020 and Full-Year 2020 results
Canadian Pacific Q4 2020 and full-year 2020 results
Norfolk Southern reports Q4 2020 and full-year 2020 results
