Jacksonville, Fla. — CSX Corp. reported that phosphate and fertilizer volumes were up 3 percent for the year ending Dec. 31, 2011, to 321,000 units (units = railcars, containers, or trailers), from the year-ago 313,000 units. Revenue per unit was also up 3 percent, to $1,526 from $1,486. CSX saw a 3 percent decline in coal shipments – its largest commodity – to 1.53 million units, down from 1.57 million units. CSX attributed the drop in coal to lower natural gas prices, which impacted the domestic market. Overall, volumes were up 1 percent for the year, to 6.47 million units from 6.38 million units. Company-wide, net earnings were up 17 percent, to $1.82 billion ($1.67 per diluted share) on revenues of $11.74 billion, compared to the prior year’s $1.56 billion ($1.35 per share) on revenues of $10.6 billion. Fourth-quarter phosphate/fert volumes were up 3 percent, to 78,000 units from the year-ago 76,000 units. The company said shipments of phosphate rock grew as suppliers were stocking up in anticipation of a strong spring season. However, revenue per unit declined, mostly due to product mix. Revenue per unit was down 10 percent, to $1,500 from $1,658. Company-wide, fourth-quarter net earnings were up 6 percent, to $457 million ($.43 per share) on revenues of $2.95 billion, from the year-ago $430 million ($.38 per share) on revenues of $2.82 billion.
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