CSX’s Fourth-Quarter Profit Grows 23%

CSX Corp.’s fourth-quarter earnings rose 23% from the same period last year but shipping volumes continued to fall, the Associated Press reported.

Its quarterly profit rose to $305 million, or 77 cents per share, compared with $247 million, or 63 cents, last year. Revenue fell 13% to $2.32 billion.

Volume dropped 7%, the railroad said, and falling fuel prices meant a decrease in fuel surcharge revenue.

CSX saw a large drop in coal shipments, mainly due to a drop in electricity demand caused by decreased industrial production and consumers becoming more energy efficient, AP said.

For the full 2009 year, profit fell 16% to $1.15 billion, or $2.91 per share. Revenue dropped 20% to $9.04 billion.

CSX, which operates on the eastern United States and into Canada, is the U.S.’s third-largest railroad.