JACKSONVILLE, Fla., Jan. 12 /PRNewswire-FirstCall/ -- CSX Corporation
(NYSE: CSX) today announced preliminary fourth quarter earnings per share of
63 cents. These results include a noncash impairment charge of approximately
27 cents per share related to the write-down of its investment in The
Greenbrier resort in White Sulphur Springs, West Virginia. Excluding this
charge and insurance gains of 1 cent in the prior year quarter, comparable
earnings per share would be approximately 90 cents, which represents a 6%
increase over the prior year quarter.
Overall revenues are expected to be approximately $2.7 billion for the
quarter, up 4% from the prior year period. This was driven by higher yields
and fuel recovery, which are expected to offset the impact of significantly
lower volumes. Operating income, on a comparable basis, is estimated to
increase 16 percent to $692 million, resulting in an operating ratio of
approximately 74.1 percent.
"Our team's commitment helped CSX weather the difficult economic
environment, which continues to impact our business," said Michael Ward,
chairman, president and CEO.
The results in this press release are preliminary, and are subject to
final closing of the financial statements and completion of the annual audit
of the company's financial statements. CSX plans to issue its full
fourth-quarter and fiscal 2008 financial and operating results after the
market close on Tuesday, January 20, 2009. Given the current economic
challenges, particularly the uncertainty facing U.S. manufacturing, the
company is no longer affirming or providing long-term guidance.
Further information regarding the fourth quarter and full-year results
will be available on the company's quarterly earnings conference call with the
investment community scheduled for Wednesday, January 21, 2009.
Those interested in participating via teleconference may dial
1-888-327-6279 and ask for the CSX earnings call. (Callers outside the U.S.
may dial 1-773-756-0199.) Participants should dial in no later than 10
minutes prior to the call. Presentation materials and access to the live
webcast will be available at www.csx.com in the Investors section.
CSX Corporation, based in Jacksonville, Fla., is a leading transportation
company providing rail, intermodal and rail-to-truck transload services. The
company's transportation network spans approximately 21,000 miles with service
to 23 eastern states and the District of Columbia, and connects to more than
70 ocean, river and lake ports.
This information and other statements by the company contain forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act with respect to, among other items: projections and estimates of
earnings, revenues, cost-savings, expenses, or other financial items;
statements of management's plans, strategies and objectives for future
operation, and management's expectations as to future performance and
operations and the time by which objectives will be achieved; statements
concerning proposed new products and services; and statements regarding future
economic, industry or market conditions or performance. Forward-looking
statements are typically identified by words or phrases such as "believe,"
"expect," "anticipate," "project," "estimate," "preliminary" and similar
expressions. Forward-looking statements speak only as of the date they are
made, and the company undertakes no obligation to update or revise any
forward-looking statement. If the company does update any forward-looking
statement, no inference should be drawn that the company will make additional
updates with respect to that statement or any other forward-looking
Forward-looking statements are subject to a number of risks and
uncertainties, and actual performance or results could differ materially from
that anticipated by these forward-looking statements. Factors that may cause
actual results to differ materially from those contemplated by these forward-
looking statements include, among others; (i) the company's success in
implementing its financial and operational initiatives; (ii) changes in
domestic or international economic or business conditions, including those
affecting the rail industry (such as the impact of industry competition,
conditions, performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety and security;
and (v) the outcome of claims and litigation involving or affecting the
Other important assumptions and factors that could cause actual results to
differ materially from those in the forward-looking statements are specified
in the company's SEC reports, accessible on the SEC's website at www.sec.gov
and the company's website at www.csx.com .
SOURCE CSX Corporation