CSX’s Fourth-Quarter Income Slips
CSX Corp. said its fourth-quarter profit fell from a year ago, largely due to a non-transportation-related writedown.
The eastern freight railroad earned $247 million, or 63 cents per share, down from $365 million, or 86 cents, a year ago.
Earnings included a charge of 27 cents per share related to the company’s Greenbrier resort; excluding that one-time charge, it earned 90 cents a share.
Revenue rose 4% to $2.7 billion, boosted by higher prices and fuel surcharges. Automotive shipments fell 30%, the biggest decline of its commodity groups.
For the full-year, CSX earned $1.37 billion, or $3.34 per share, up slightly from $1.34 billion, or $2.99 per share, in 2007.
