Analyst Note
| Matthew Young, CFA |Eastern Class-I railroad CSX posted 2% lower fourth-quarter revenue (year over year); mostly in line with our expectations. Similar to peer Union Pacific, total carloads inflected upward, rising 4% (down 5% for all of 2020), while revenue per unit fell 6% on unfavorable mix (disproportionate intermodal growth) and falling fuel surcharges. Core pricing likely remained positive aside from lower export coal benchmark rates.