CSX Corp. (NASDAQ: CSX) today announced third quarter 2023
operating income of $1.30 billion compared to $1.58 billion in the
prior year period. Net earnings of $846 million, or $0.42 per
diluted share, compared to $1.11 billion, or $0.52 per diluted
share, in the same period last year.
“Over the third quarter, our efforts centered on
delivering the reliable customer service that has allowed us to
remain resilient and successfully maneuver through mixed markets,”
said Joe Hinrichs, president and chief executive officer. “Our
merchandise business remained solid, and our coal operations
delivered strong volume growth. As we approach year-end, we are
proud of the cohesive culture taking shape across our ONE CSX team
that is helping to drive positive business results, and we are
encouraged to see improving sequential trends in some of our key
end markets.”
Third Quarter Financial
Highlights
- Revenue totaled
$3.57 billion for the quarter, declining 8% year-over-year as the
effects of lower fuel prices, reduced intermodal storage revenue, a
decline in export coal benchmark prices, and a decrease in
intermodal volumes more than offset the effects of higher
merchandise yields and coal volume growth.
- Operating income of
$1.3 billion decreased 18% compared to the same period in 2022,
with an operating ratio of 63.8%. This includes negative impacts of
approximately $350 million related to net fuel, storage revenue,
and coal prices, partially offset by the favorable impact of $42
million due to out-of-period labor and fringe expenses incurred in
the prior year.
- Diluted EPS of
$0.42 decreased 19% from $0.52 in the prior year.
CSX executives will conduct a conference call
with the investment community this afternoon, October 19, 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.
About CSX and its
Disclosures
CSX, based in Jacksonville, Florida, is a
premier transportation company. It provides rail, intermodal and
rail-to-truck 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 X, formerly
known as 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
CSX (NASDAQ:CSX)
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