CSX Corp. Announces Fourth Quarter and Full Year 2023 Results

CSX Corp. (NASDAQ: CSX) today announced fourth quarter 2023 operating income of $1.32 billion compared to $1.46 billion in the prior year period. Net earnings were $886 million, or $0.45 per diluted share, compared to $1.02 billion, or $0.49 per diluted share, in the same period last year. Total volume of 1.56 million units for the quarter was 1% higher compared to 2022, with Merchandise volume up 3%, Coal volume up 3%, and Intermodal volume flat.

For the full year 2023, CSX operating income of $5.56 billion was down 8% from the previous year. Net earnings for the year were $3.72 billion, or $1.85 per share, compared to $4.17 billion, or $1.95 per share, in 2022.

“Throughout 2023, our railroad demonstrated reliable, industry-leading network performance, and the ONE CSX team delivered consistent results through a dynamic economic environment by focusing on excellent customer service,” said Joe Hinrichs, president and chief executive officer. “Our railroad is running well, we have the right team and resources in place, and we look forward to building on our positive momentum with profitable growth over this next year.”

Fourth Quarter Financial Highlights

• Revenue totaled $3.68 billion for the quarter, declining 1% year-over-year as the effects of volume growth and favorable merchandise pricing were more than offset by lower intermodal storage revenue, reduced fuel surcharge, the effect of lower global benchmark coal prices, and a decline in trucking revenue.
• Operating income of $1.32 billion decreased 10% compared to the same period in 2022. CSX’s operating ratio was 64.1% for the quarter.
• Diluted EPS of $0.45 decreased 8% from $0.49 in the prior year.

Full Year 2023 Financial Highlights

• Revenue totaled $14.66 billion in 2023, decreasing 1% year-over-year as the impacts of a decline in intermodal storage revenue, reduced fuel surcharge, lower global benchmark coal prices, and a decrease in intermodal volume more than offset contributions from stronger merchandise pricing and higher merchandise and coal volume.
• Operating income of $5.56 billion decreased 8% compared to 2022, with last year’s results inclusive of gains of $144 million from the property sale agreement with the Commonwealth of Virginia. CSX’s operating ratio was 62.1% for the full year 2023.
• Diluted EPS of $1.85 decreased 5% from $1.95 in the prior year.

CSX executives will conduct a conference call with the investment community this afternoon, January 24, 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.

For the complete press release, click here.

About CSX

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.

Contact:

Bryan Tucker – Corporate Communications – (855) 955-6397

Source: CSX Corporation