CSX Corporation (NASDAQ:CSX) Coal volumes decreased 2%

CSX Corporation (NASDAQ:CSX) stock fell 2.48% (As on Jan 21, 11:59:33 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. Merchandise revenues climbed 4% year over year to $1,937 million in the quarter under review. However, merchandise volumes dipped 3% from the year-ago period, primarily due to 23% drop in automotive volumes as a result of semiconductor shortage. Coal revenues ascended 39% year over year to $523 million in the reported quarter. Coal volumes decreased 2% with decline in domestic coal volumes due to lower shipments of utility coal resulting from an outage at a major coal-producing location. Intermodal revenues augmented 16% year over year to $551 million. Volumes were flat year over year. While domestic shipments fell due to supply constraints, international shipments rose owing to strong demand, inventory replenishments and growth in rail volumes from east-coast ports. The company has reported fourth quarter 2021 net earnings of $934 million, or $0.42 per share, compared to $760 million, or $0.33 per share in the same period last year. Fourth quarter 2021 operating ratio was 60.1% compared to 57.0% in the prior year period. Prior year results include a pre-tax charge of $48 million within other expense, or $0.02 per share after-tax, related to the early retirement of debt.

CSX in the fourth quarter of FY 21 has reported the adjusted earnings per share of 42 cents, beating the analysts’ estimates for the adjusted earnings per share of 41 cents. The company had reported the adjusted revenue growth of 21 percent to $3.43 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $3.3 billion. The revenue growth is driven by growth across all major lines of business, increases in other revenue and the inclusion of Quality Carriers’ results. Operating income improved 12 percent to $1.37 billion for the quarter.

CNX has exited the fourth quarter with cash and cash equivalents of $2,239 million compared with $3,129 million at the end of December 2020. Long-term debt totaled $16,185 million compared with $16,304 million at 2020-end. As of Dec 31, 2021, net cash provided by operating activities was $5,099 million compared with $4,263 million in the year-earlier period. As of Dec 31, 2021, CSX repurchased 90 million shares for $2,886 million.

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