By Josh Beckerman
CSX Corp. said fourth-quarter fell 2% to $2.83 billion, as intermodal growth was more than offset by lower fuel surcharge revenue and coal declines.
On its 4Q highlights:
"Chemicals increased due to higher shipments of plastics, waste and crude oil, partially offset by lower shipments of frac sand and natural gas liquids."
"Agricultural & Food Products increased due to higher shipments of export grains, food and consumer products, and ethanol."
"Fertilizers revenue increased as growth in long-haul fertilizer shipments was partially offset by declines from fewer short-haul phosphate shipments."
"Coal decreased as domestic utility coal demand was negatively impacted by competition from natural gas prices and export coal declined due to reduced international shipments of thermal coal." Looking forward, CSX expects the coal market to improve from 2020 trough levels.
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(END) Dow Jones Newswires