CSX Corp. Announces Third Quarter 2024 Results

CSX Corp. Announces Third Quarter 2024 Results

Benzinga
October 16, 2024

JACKSONVILLE, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ:CSX) today announced third quarter 2024 operating income of $1.35 billion compared to $1.27 billion in the prior year period. Net earnings were $894 million, or $0.46 per diluted share, compared to $828 million, or $0.41 per diluted share, in the same period last year. Total volume of 1.59 million units for the quarter was 3% higher compared to third quarter 2023.

"CSX's commitment to excellent service allowed us to deliver meaningful growth in volume, operating income, and operating margin in the third quarter," said Joe Hinrichs, president and chief executive officer. "Over the last several weeks CSX, along with many of the communities in which we operate, was presented with significant challenges brought about by the recent hurricanes. Thanks to the dedication of our employees, our network has remained flexible and resilient, and we remain ready to meet our customers' needs as they increasingly favor the efficiency and reliability being delivered by the ONE CSX team."

Third Quarter Financial Highlights1

Revenue totaled $3.62 billion for the quarter, an increase of 1% year-over-year, as growth in merchandise and intermodal volume, as well as merchandise pricing gains, were partially offset by a decline in coal revenue (including the effects of lower global benchmark prices), lower fuel surcharge, and a reduction in other revenue.

Operating income of $1.35 billion increased 7% compared to the same period in 2023. CSX's operating margin was 37.4% for the quarter, increasing 180 basis points year-over-year.

Diluted EPS of $0.46 increased 12% compared to the prior year quarter.

CSX executives will conduct a conference call with the investment community this afternoon, October 16, 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 ...

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