(Source: CSX press release, July 21, 2021)
JACKSONVILLE, Fla. — CSX Corp. today announced second quarter 2021 net earnings of $1,173 million, or $0.52 per share, compared to $499 million, or $0.22 per share in the same period last year. Second quarter 2021 operating ratio was 43.4% compared to 63.3% in the prior year period.
These results include benefits from the sale of certain property rights in CSX-owned line segments to the Commonwealth of Virginia for passenger rail operations. The transaction favorably impacted operating income by $349 million, operating ratio by 11.7 percentage points, and earnings per share by $0.12.
“I want to thank all the CSX railroaders for their dedicated and unwavering focus on our customers as the economy has rebounded,” said James M. Foote, president and chief executive officer. “We are committed to providing customers a high quality service product, and will continue taking all necessary steps to meet their needs.”
Revenue for the second quarter increased 33 percent from the prior year to $2.99 billion, driven by growth across all lines of business. Expenses decreased 9 percent year over year to $1.30 billion and operating income improved to $1.69 billion for the quarter.
CSX executives will conduct a conference call with the investment community this afternoon, July 21, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-833-968-2260. For callers outside the U.S., dial 1-778-560-2704. Participants should dial in 10 minutes prior to the call and enter in 6543939 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.