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4/21/2023
CSX Corp. yesterday reported first-quarter 2023 revenue rose 9% to $3.71 billion and operating income climbed 14% to $1.46 billion compared with the same quarter a year ago.
The Class I posted net earnings of $987 million, or 48 cents per diluted earnings per share, a 23% increase compared to Q1 2022.
CSX's operating ratio for the quarter was 60.5% compared with 62.4% a year ago.
The quarter’s revenue increase was driven by "solid volume growth in merchandise and coal, higher fuel surcharge and pricing gains," CSX officials said in a press release.
"CSX had an encouraging start to the year as the efforts of our dedicated railroaders resulted in strong earnings growth," said President and CEO Joe Hinrichs.
The company’s "ONE CSX" operating initiatives are "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," Hinrichs said.