CSX Corp. announces EPS of $0.54 for the second quarter


Enter Wall Street with StreetInsider Premium. Claim your one week free trial here.


JACKSONVILLE, Fla., July 20. 2022 (GLOBE NEWSWIRE) — CSX Corp. (NASDAQ: CSX) today reported net income for the second quarter of 2022 of $1,178 million, or $0.54 per share, compared to $1,173 million, or $0.52 per share for the same period Last year. Second quarter 2022 operating profit was $1.70 billion, compared to $1.69 billion in the same period a year earlier.

“I am very proud of the entire team of CSX employees, which now includes Pan Am railroad workers, for their hard work and dedication during this quarter,” said James M. Foote, President and CEO. of management. “While volatile commodity prices and persistent inflation have added uncertainty to the economy, our efforts remain focused on adding the resources needed to improve our network performance, increase customer satisfaction and develop new rail service solutions to generate significant long-term growth. ”

Second Quarter Financial Highlights

  • Revenue reached $3.82 billion for the quarter, up 28% year-over-year, due to higher revenue in almost all markets thanks to price increases , a fuel surcharge and the addition of Quality Carriers.
  • Operating profit of $1.70 billion was up 1% from a year earlier. The cost/income 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.
  • The second quarter results included $18 million of expenses related to the acquisition of Pan Am Railways and a gain of $122 million ($0.04/share after tax) from the sale of properties recognized as part of the 2021 agreement with the Commonwealth of Virginia. Results for the second quarter of 2021 included a gain of $349 million ($0.12/share after tax) from the same deal.

CSX executives will host a conference call with the investment community this afternoon, July 20, at 4:30 p.m. EST. Investors, media and the public can listen to the conference call by dialing 1-888-510-2008. For callers outside the United States, dial 1-646-960-0306. Participants must dial the number 10 minutes before the call and enter 3368220 as the access code.

In conjunction with the call, a live webcast will be available and presentation materials will be posted on the Company’s website at http://investors.csx.com. Following the earnings call, a webcast of the presentation will be archived on the company’s website.

This earnings announcement, along with additional detailed financial information, is contained in CSX’s quarterly financial report available on the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.

About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a leading transportation company. It provides rail, intermodal and rail-truck transloading services and solutions to customers in a wide range of markets, including energy, industrial, construction, agriculture and consumer products. For nearly 200 years, CSX has played a vital role in the country’s economic expansion and industrial development. Its network connects all major metropolitan areas in the eastern United States, where nearly two-thirds of the nation’s population resides. It also connects over 240 shortline railways and over 70 sea, river and lake ports to major population centers and agricultural towns.

This announcement, along with additional financial information, is available on the Company’s website at http://investors.csx.com. CSX also uses social media to communicate company information. Although social media is not intended to be the primary method of disclosing material information, it is possible that certain information posted by CSX on social media may be considered material. Accordingly, we encourage investors, the media, and others interested in the company to review the information we post on Twitter (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure

CSX reports its financial results in accordance with generally accepted accounting principles in the United States of America (US GAAP). CSX also uses certain non-GAAP measures that fall within the scope of Securities and Exchange Commission Regulation G and Regulation SK Section 10(e), which may provide financial information users with additional meaningful comparison to previously reported results. . Non-GAAP measures do not have standardized definitions and are not defined by United States GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation of, as a substitute for, or superior to financial information presented in accordance with GAAP.

Forward-looking statements

This information and other company statements may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act regarding, among other things, projections and estimates of profits, revenues, margins, volumes, rates, cost savings, expenses, taxes, cash, capital expenditures, dividends, share buybacks or other financial items, statements of management’s plans, strategies and objectives for future operations, and management’s expectations regarding future performance and operations and when targets will be achieved, statements regarding new services offered, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are generally identified by words or phrases such as “shall”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates”, “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statements. If the Company updates any forward-looking statement, no inference should be drawn that the Company will make additional updates with respect to that statement or any other forward-looking statement.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from those anticipated by the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: (i) the company’s success in implementing its financial and operating initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of competition, conditions, performance and industry consolidation); (iii) legislative or regulatory changes; (iv) inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as extreme weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projections of economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those contained in the forward-looking statements are specified in the company’s SEC reports, available on the SEC’s website at www.sec.gov and the company’s website at www.csx.com.

Contact:

Matthew Korn, CFA, Investor Relations904-366-4515

Bryan Tucker, Corporate Communications855-955-6397

main logo

Source: CSX Corporation