CSX Corp. announces first quarter 2023 results

CSX Corp. (NASDAQ: CSX) announced a first quarter 2023 operating income of $1.46 billion compared to $1.28 billion in the prior year period. Net earnings of $987 million, or $0.48 per share, compared to $859 million, or $0.39 per share, in the same period last year.

“CSX had an encouraging start to the year as the efforts of our dedicated railroaders resulted in strong earnings growth,” said Joe Hinrichs, president and chief executive officer. “Our ONE CSX initiatives are driving positive engagement among our employees and customers, which is lifting our service performance and providing us with exciting opportunities to win business and move more freight while maintaining our fundamental commitment to safe operations.”

First Quarter Financial Highlights

Revenue reached $3.71 billion for the quarter, increasing 9% year-over-year, driven by solid volume growth in merchandise and coal, higher fuel surcharge, and pricing gains.

Operating income of $1.46 billion increased by 14% compared to the prior year, with an operating ratio of 60.5%.

Diluted EPS of $0.48 increased 23% from $0.39 for the first quarter of 2022.

CSX executives will conduct a conference call with the investment community this afternoon, April 20, at 4:30 p.m. Eastern Time. Investors, media, and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 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.