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CSX Corporation Announces Fourth-Quarter And Full-Year Results

JACKSONVILLE, Fla., Jan. 22, 2013 /PRNewswire/ -- CSX Corporation (NYSE: CSX) today reported fourth quarter 2012 net earnings of $443 million, or $0.43 cents per share, compared to $457 million, or $0.43 cents per share, in the prior same period. For the full year 2012, net earnings were $1.9 billion, or $1.79 per share, up from $1.8 billion, or $1.67 per share, in 2011. For both the fourth quarter and the full year, the EPS performances reflected shares repurchased in 2012.

"CSX continues to demonstrate the underlying strength of its business model, the ability to respond quickly to significant events in the marketplace, and a steadfast focus on creating substantial shareholder value over the long term," said Michael J. Ward, chairman, president and chief executive officer.

For the quarter, total revenue of $2.9 billion declined 2 percent. The company saw an increase in merchandise and intermodal shipments, but these gains were more than offset by declines in coal resulting from low natural gas prices, high coal inventory at utilities and lower global demand. As a result of the lower revenue, which was partially offset by strong efficiency gains, operating income declined 4 percent to $804 million and the operating ratio increased 60 basis points to 72.1 percent.

For the full year, operating income increased 1 percent to $3.5 billion and the operating ratio improved 30 basis points to 70.6 percent. Both improved on the strength of efficiency gains and resource adjustments.

CSX also delivered exceptional safety and service levels throughout 2012. Its personal injury rate was the best ever recorded for both the quarter and the full year, and the train accident rate for both time periods was near all-time best levels. Additionally, service levels remain high across all key measures, with customer satisfaction ratings at record levels. This sets a strong foundation for long-term growth and value creation for the company's shareholders.

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