(Source: CSX press release, April 19, 2017)
JACKSONVILLE, Fla. — CSX Corporation today announced first quarter 2017 net earnings of $362 million, or $0.39 per share, up from $356 million, or $0.37 per share, in the same period of last year. Excluding a $173 million restructuring charge in this year’s first quarter results, adjusted earnings per share was $0.51 as shown in the table at the link above.
Revenue for the quarter increased 10 percent, reflecting volume growth across most markets, overall core pricing gains, increased fuel recovery, and favorable mix. Although the $173 million restructuring charge drove a 13 percent year-over-year increase in expenses for the first quarter, the company delivered strong efficiency savings of $123 million. Looking forward, CSX is making adjustments throughout the company to improve asset utilization, achieve greater operations efficiency and reduce its cost structure.
“I am pleased to join the CSX team and working together we are going to make this company the best North American railroad, capable of consistently meeting and exceeding the expectations of our customers and our shareholders,” said E. Hunter Harrison, president and chief executive officer. “As the business environment continues to improve and we implement Precision Scheduled Railroading, CSX will realize these objectives while driving volume growth and achieving a new level of financial performance.”
CSX executives will conduct a quarterly earnings conference call with the investment community on April 20, 2017, from 8:30 a.m. to 9:30 a.m. Eastern time. Investors, media and the public may listen to the conference call by dialing 1-888-EARN-CSX (888-327-6279) and asking for the CSX earnings call. Callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call. 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, an internet 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.