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- January 19, 2017 /
- by Beth Peterson /
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-CSX generated record full-year efficiency savings of nearly $430 million in 2016
-Improved service levels drove strong pricing to support reinvestment in the business
-For the second consecutive year, the company delivered a sub-70 operating ratio
CSX Corporation (Nasdaq: CSX) today announced fourth quarter 2016 net earnings of $458 million, or $0.49 per share, versus $466 million, or $0.48 per share, in the same period of last year. The fourth quarter of 2016 included an operating property sale and a debt refinancing charge, both of which were $0.08 per share and offset each other in the quarter. In addition, the fourth quarter included an extra accounting week resulting from the company’s 52/53 week fiscal reporting calendar, which benefitted earnings per share by $0.03 per share.
Including the extra week, fourth quarter revenue increased 9 percent and expenses increased 2 percent. Operating income for the quarter was $1 billion, which included the $115 million gain from the property sale and the $62 million benefit from the extra week.
For the full year 2016, the industry continued to face headwinds from low global commodity prices and strength of the U.S. dollar.