CSX Corp. Announces First Quarter 2024 Results

JACKSONVILLE, Fla., April 17, 2024 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced first quarter 2024 operating income of $1.35 billion compared to $1.46 billion in the prior year period. Net earnings were $893 million, or $0.46 per diluted share, compared to $987 million, or $0.48 per diluted share, in the same period last year. Total volume of 1.53 million units for the quarter was 3% higher compared to first quarter 2023, with intermodal volume up 7%, coal volume up 2%, and merchandise volume flat.

“Working together, the ONE CSX team delivered a good start to the year that was in-line with our expectations,” said Joe Hinrichs, president and chief executive officer. “We were pleased to see our consistent customer service performance lead to volume growth, and we remain focused on improving the reliability and fluidity of our network. Looking ahead, with favorable trends across many of the markets we serve, we are eager to build on our momentum over the rest of the year and beyond.”

First Quarter Financial Highlights

• Revenue totaled $3.68 billion for the quarter, declining 1% year-over-year as lower fuel surcharge, a decline in other revenue, weaker trucking revenue, and reduced export coal prices offset gains in merchandise pricing and higher intermodal and coal volumes. First quarter revenue was flat sequentially.
• Operating income of $1.35 billion decreased 8% compared to the same period in 2023 but increased 3% from Q4 2023. CSX’s operating margin was 36.8% for the quarter, declining 270 basis points year-over-year but increasing 90 basis points sequentially.
• Diluted EPS of $0.46 decreased 4% from $0.48 in the prior year but increased 2% compared to the previous quarter.
  

CSX executives will conduct a conference call with the investment community this afternoon, April 17, 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 8-K with the Securities and Exchange Commission.