(Source: CSX press release, April 17, 2018)
JACKSONVILLE, Fla. — CSX Corporation today announced record first quarter 2018 net earnings of $695 million, or $0.78 per share, versus $362 million, or $0.39 per share in the same period last year. CSX’s operating ratio for the quarter improved 950 basis points to 63.7 percent from 73.2 percent in the prior year. Compared to 2017 first quarter adjusted operating results, which excluded restructuring charges, this represents an operating ratio improvement of 570 basis points and a 53 percent increase in earnings per share year over year.
“CSX employees did a great job of running the railroad and executing the scheduled railroading model during challenging weather conditions,” said James M. Foote, president and chief executive officer. “We’re more confident in our ability to deliver safe, reliable, best-in-class service for our customers and enhanced value for our shareholders.”
Revenue for the first quarter remained relatively flat at $2.88 billion, while expenses declined 13 percent year over year or 8 percent when excluding prior year restructuring charges. Operating income for the quarter increased 36 percent to $1.04 billion when compared to $769 million in the same period last year or 19 percent when compared to the adjusted operating income of $879 million reported in the first quarter of 2017.
“Since implementation of scheduled railroading began in March 2017, CSX has taken significant strides to transform the organization and to make CSX more competitive,” said Foote. “Our company’s operating model provides substantial opportunities to leverage our service product offering, capture growth and deliver superior financial returns.”
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-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.