Despite 4th quarter, CSX reports earnings increase for 2012 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Despite 4th quarter, CSX reports earnings increase for 2012

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CSX Corp. on Jan. 22 reported fourth quarter 2012 net earnings of $443 million, down from $457 million in the last quarter of 2011. For the full year 2012, net earnings were $1.9 billion, up from $1.8 billion in 2011.

Coal shipments accounted for about 26 percent of CSX revenue in 2012 vs. 31 percent in 2011. Coal volume on CSX was down 19 percent in the fourth quarter from the previous year and 16 percent for the year. Coal revenue was down 18 percent in the quarter and 14 percent for the year.

"Shipments of domestic coal declined due to lower electrical generation, utility stockpiles above target levels, and low natural gas prices. Export declines were driven by decreased shipments of U.S. metallurgical coal to the global market," the earnings report said.

Shipments of coal to domestic markets declined to 87.6 million tons in 2012 from 122.9 million the year before. Export shipments were up for the year, from 40.2 million in 2011 to 47.8 million in 2012, although they were down about 800,000 tons in the fourth quarter.

Shipments of metals were down 7 percent in the quarter and 1 percent for the year, while chemical shipments were up 6 percent in the quarter and 2 percent for the year.