CSX Corporation announced earnings results for the fourth quarter and full year ended December 25, 2015. For the quarter, the company's net earnings were $466 million, a 5% decline from $491 million in the same period of 2014, or $0.48 per share, down 2% from $0.49 in the prior year. Fourth quarter revenue declined 13% as pricing gains were more than offset by the impact of lower fuel recovery, a 6% volume decline and continued transition in the company's business mix. Operating income declined 12% to $791 million, while the operating ratio improved 20 basis points to 71.6%. Earnings per diluted share was $0.48 compared to $0.49 a year ago. Revenue for the fourth quarter ended December 25, 2015 was $2.78 billion, compared to $3.19 billion for the same quarter ended December 26, 2014.

For the full year 2015, CSX generated $11.8 billion in revenue as growth in intermodal, automotive and minerals markets partially offset continued significant declines in coal. Improving service, resource alignment and efficiency gains helped generate operating income of nearly $3.6 billion and the company's first sub-70 full-year operating ratio at 69.7%. Net earnings for the year ended December 25, 2015 were $1.97 billion, or $2 per diluted share, compared to $1.93 billion, or $1.92 per diluted share, for the year ended December 26, 2014.

With negative global and industrial market trends projected for 2016, full-year earnings per share are expected to be down compared to 2015. The company plans to reduce its capital spending in 2016 by $100 million to $2.4 billion and park some older, less-efficient locomotives that aren't needed.