CSX reports revenue, profit gains in Q4, full-year 2022

CSX Corp. yesterday reported fourth-quarter 2022 revenue rose 9% to $3.7 billion, while operating income climbed 7% to $1.46 billion compared with the same quarter in 2021.

The Class I's net earnings increased 9% to $1 billion, or 49 cents per diluted share, from $934 million, or 42 cents per diluted share, in the previous year’s fourth quarter.

CSX attributed its revenue growth to higher fuel surcharges, pricing gains and an increase in storage and other revenue. Severe winter weather in late December 2022 "modestly" reduced volumes and revenue for the quarter, CSX officials said in a press release.

CSX's operating ratio for the quarter was 60.9% compared to 60.1% in Q4 2021.

For full-year 2022, CSX posted $14.9 billion in revenue, a 19% increase, and operating income of $6 billion, an 8% increase over 2021. The 2022 operating income included $144 million in gains from property sales recognized from a 2021 agreement with the commonwealth of Virginia.

Net earnings in 2022 totaled $4.17 billion, or $1.95 per share, compared to $3.78 billion, or $1.68 per share, in 2021. CSX recorded an operating ratio of 59.5% for the full year compared to 55.3% in 2021.

The company made "great progress this quarter, delivering strong earnings as our network performance continued to gain momentum," said President and CEO Joe Hinrichs.

"With the right resources now coming into place, we can turn our full attention to the opportunities ahead in 2023 and beyond," Hinrichs said. "Going into the new year, our entire company remains focused on providing exceptional customer service that will enable us to win share from trucks and drive profitable growth over the long term."