CSX Corp. announces second quarter 2024 results

CSX Corp. today announced second quarter 2024 operating income of $1.45 billion compared to $1.47 billion in the prior year period. Net earnings were $963 million, or $0.49 per diluted share, compared to $984 million, or $0.49 per diluted share, in the same period last year. Total volume of 1.58 million units for the quarter was 2% higher compared to second quarter 2023.

“CSX remained focused on efficiently serving our customers over the second quarter, allowing us to deliver strong sequential increases in volume, operating income, margin, and earnings per share,” said Joe Hinrichs, president and chief executive officer. “I am proud of our railroad’s performance, including our team’s effective response to the disruptions at the Port of Baltimore. As we continue to execute through shifting markets, CSX is well-positioned to achieve solid year-over-year margin expansion over the remainder of 2024.”

Second Quarter Financial Highlights

• Revenue totaled $3.70 billion for the quarter, which was flat year-over-year as the positive effects of merchandise pricing gains and growth in intermodal and merchandise volume were offset by declines in export coal prices, a reduction in other revenue, and lower fuel surcharge.
• Operating income of $1.45 billion decreased 1% compared to the same period in 2023 while increasing 8% from Q1 2024. CSX’s operating margin was 39.1% for the quarter, declining 50 basis points year-over-year but increasing 280 basis points sequentially.
• Diluted EPS of $0.49 was flat compared to the prior year but increased 9% compared to the previous quarter.