CSX Corp. (NASDAQ: CSX) today announced second quarter 2023
operating income of $1.48 billion compared to $1.70 billion in the
prior year period. Net earnings of $996 million, or $0.49 per
diluted share, compared to $1.18 billion, or $0.54 per diluted
share, in the same period last year. Second quarter 2022 results
included a $122 million gain ($0.04/share after-tax) related to the
Commonwealth of Virginia property sale agreement.
“The ONE CSX team continued to build momentum
this quarter as our merchandise and coal businesses continued to
demonstrate significant volume gains,” said Joe Hinrichs, president
and chief executive officer. “Though intermodal activity remains
challenged, our strong service performance distinguishes us in the
marketplace and is attracting shippers to our network. We look
forward to meeting the opportunities ahead in the second half of
the year and over the long term as we position CSX for sustainable,
profitable growth.”
Second Quarter Financial
Highlights
- Revenue
totaled $3.70 billion for the quarter, declining 3% year-over-year
as lower fuel prices, reduced supplemental revenue, a decline in
export coal benchmark prices, and a decrease in intermodal volumes
more than offset the effects of volume growth in coal and
merchandise and solid gains in merchandise pricing.
- Operating
income of $1.48 billion decreased 13% compared to the same period
in 2022, with an operating ratio of 59.9%.
- Diluted EPS
of $0.49 decreased 9% from $0.54 in the prior year.
CSX executives will conduct a conference call
with the investment community this afternoon, April 20, at 4:30
p.m. Eastern Time. Investors, media and the public may listen to
the conference call by dialing 1-888-510-2008. For callers outside
the U.S., dial 1-646-960-0306. Participants should dial in 10
minutes prior to the call and enter in 3368220 as the passcode.
In conjunction with the call, a live webcast
will be accessible and presentation materials will be posted on the
company's website at http://investors.csx.com. Following the
earnings call, a webcast replay of the presentation will be
archived on the company website.
This earnings announcement, as well as
additional detailed financial information, is contained in the CSX
Quarterly Financial Report available through the company’s website
at http://investors.csx.com and on Form 8K with the Securities
and Exchange Commission.
About CSX and its
Disclosures
CSX, based in Jacksonville, Florida, is a
premier transportation company. It provides rail, intermodal and
rail-totruck transload services and solutions to customers across a
broad array of markets, including energy, industrial, construction,
agricultural, and consumer products. For nearly 200 years, CSX has
played a critical role in the nation's economic expansion and
industrial development. Its network connects every major
metropolitan area in the eastern United States, where nearly
two-thirds of the nation's population resides. It also links more
than 240 short-line railroads and more than 70 ocean, river and
lake ports with major population centers and farming towns
alike.
This announcement, as well as additional
financial information, is available on the company's website at
http://investors.csx.com. CSX also uses social media channels to
communicate information about the company. Although social media
channels are not intended to be the primary method of disclosure
for material information, it is possible that certain information
CSX posts on social media could be deemed to be material.
Therefore, we encourage investors, the media, and others interested
in the company to review the information we post on Twitter
(http://twitter.com/CSX) and on Facebook
(http://www.facebook.com/OfficialCSX). The social media channels
used by CSX may be updated from time to time. More information
about CSX Corporation and its subsidiaries is available at
www.csx.com.
Non-GAAP Disclosure
CSX reports its financial results in accordance
with accounting principles generally accepted in the United States
of America (U.S. GAAP). CSX also uses certain non-GAAP measures
that fall within the meaning of Securities and Exchange Commission
Regulation G and Regulation S-K Item 10(e), which may provide users
of the financial information with additional meaningful comparison
to prior reported results. Non-GAAP measures do not have
standardized definitions and are not defined by U.S. GAAP.
Therefore, CSX’s non-GAAP measures are unlikely to be comparable to
similar measures presented by other companies. The presentation of
these non-GAAP measures should not be considered in isolation from,
as a substitute for, or as superior to the financial information
presented in accordance with GAAP.
Forward-looking Statements
This information and other statements by the
company may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act with respect to,
among other items: projections and estimates of earnings, revenues,
margins, volumes, rates, cost-savings, expenses, taxes, liquidity,
capital expenditures, dividends, share repurchases or other
financial items, statements of management's plans, strategies and
objectives for future operations, and management's expectations as
to future performance and operations and the time by which
objectives will be achieved, statements concerning proposed new
services, and statements regarding future economic, industry or
market conditions or performance. Forward-looking statements are
typically identified by words or phrases such as “will,” “should,”
“believe,” “expect,” “anticipate,” “project,” “estimate,”
“preliminary” and similar expressions. Forward-looking statements
speak only as of the date they are made, and the company undertakes
no obligation to update or revise any forward-looking statement. If
the company updates any forward-looking statement, no inference
should be drawn that the company will make additional updates with
respect to that statement or any other forward-looking
statements.
Forward-looking statements are subject to a
number of risks and uncertainties, and actual performance or
results could differ materially from that anticipated by any
forward-looking statements. Factors that may cause actual results
to differ materially from those contemplated by any forward-looking
statements include, among others: (i) the company's success in
implementing its financial and operational initiatives; (ii)
changes in domestic or international economic, political or
business conditions, including those affecting the transportation
industry (such as the impact of industry competition, conditions,
performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety
and security; (v) the outcome of claims and litigation involving or
affecting the company; (vi) natural events such as severe weather
conditions or pandemic health crises; and (vii) the inherent
uncertainty associated with projecting economic and business
conditions.
Other important assumptions and factors that
could cause actual results to differ materially from those in the
forward-looking statements are specified in the company's SEC
reports, accessible on the SEC's website at www.sec.gov and the
company's website at www.csx.com.
Contact:
Matthew Korn, CFA, Investor
Relations904-366-4515
Bryan Tucker, Corporate
Communications855-955-6397
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