CSX earnings flat in 2013 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

CSX earnings flat in 2013

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CSX Corp. finished 2013 with net earnings of $1.864 billion, up only $1 million from 2012.

In the fourth quarter, the company reported net earnings of $426 million, down 5 percent from fourth-quarter earnings of $449 million in 2012.

"Supported by the strength of an expanding economy, we delivered 6 percent volume growth in the quarter, despite another sharp decline in coal," Michael J. Ward, chairman, president and chief executive officer, said in the earning report issued after markets closed Jan. 15. "As the economy continues to expand, CSX is well positioned to leverage that environment to create sustainable long-term value for our customers and shareholders."

Coal volumes were down 5 percent and revenues declined 9 percent in the quarter. For the year, coal volumes were down 7 percent and revenues were down 9 percent.

"Coal volume declined due to a decrease in shipments of domestic coal as a result of continued low natural gas prices and utility stockpiles, which remained above target levels," the company said in its quarterly financial report. "This decline was partially offset by an increase in export coal which was driven by increased shipments of U.S. metallurgical coal when compared to prior year."