CSX Corp.'s fourth-quarter 2018 profit plunged year over year, despite a 10% rise in revenue, as the year-ago period's result was boosted by a $3.16 billion tax benefit.
The U.S.-based railroad operator's net earnings for the quarter came in at $843 million, or $1.01 per share, down from $4.14 billion, or $4.62 per share, in the year-ago period.
Revenue increased 10% year over year to $3.14 billion from $2.86 billion, supported by fuel recovery and broad-based volume growth, as well as pricing gains.
Full-year 2018 net earnings plunged to $3.31 billion, or $3.84 per share, from $5.47 billion, or $5.99 per share, in 2017. Revenue for 2018 totaled $12.25 billion, up from $11.41 billion in the previous year.
Meanwhile, CSX's board authorized $5 billion in share repurchases following the early completion of the current $5 billion share buyback program.