(Source: CSX press release, July 20, 2022)
JACKSONVILLE, Fla. — CSX Corp. today announced second quarter 2022 net earnings of $1,178 million, or $0.54 per share, compared to $1,173 million, or $0.52 per share in the same period last year. Second quarter 2022 operating income was $1.70 billion compared to $1.69 billion in the prior year period.
“I am very proud of CSX’s entire team of employees, which now includes Pan Am railroaders, for their hard work and dedication over this quarter,” said James M. Foote, president and chief executive officer. “Though volatile commodity prices and persistent inflation have added uncertainty to the economy, our efforts remain focused on adding the resources needed to deliver improvements in our network performance, lift customer satisfaction and develop new rail service solutions to drive meaningful growth over the long term.”
Second Quarter Financial Highlights
- Revenue reached $3.82 billion for the quarter, increasing 28% year-over-year, due to higher revenue in nearly all markets driven by pricing gains, fuel surcharge, and the addition of Quality Carriers.
- Operating income of $1.70 billion increased 1% compared to the prior year. Operating ratio increased to 55.4%, including the effects of lower real estate gains, the acquisition of Quality Carriers and higher fuel prices.
- Diluted EPS of $0.54 increased 4% from $0.52 for the second quarter of 2021.
- Second quarter results included $18 million of expense related to the acquisition of Pan Am Railways and a $122 million gain ($0.04/share after-tax) from property sales recognized from the 2021 agreement with the Commonwealth of Virginia. Second quarter 2021 results included a $349 million gain ($0.12/share after-tax) from the same agreement.