CSX Corp. said Jan. 15 its fourth-quarter profit fell slightly from a year ago, but its revenue and volume increased.
Net income slipped to $426 million, or 42 cents a share, from $449 million, or 44 cents, a year earlier as expenses rose, the Eastern freight railroad reported.
Revenue increased 5% to $3 billion, led by strength in merchandise and intermodal markets. Overall volume improved 6%.
Intermodal volume rose 11% to about 670,000 shipments, with revenue up 10% to $437 million.
“Supported by the strength of an expanding economy, we delivered 6% volume growth in the quarter, despite another sharp decline in coal," CSX Chairman and CEO Michael Ward said in the statement. “As the economy continues to expand, CSX is well-positioned to leverage that environment to create sustainable long-term value for our customers and shareholders.”
For the full year ended Dec. 27, total profit was $1.8 billion, a very slight increase from the previous year, while per-share profit grew to $1.83, from $1.79. Revenue increased 2% to $12 billion, CSX said.