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7/21/2023
CSX yesterday reported second-quarter 2023 net earnings dropped 15% to $996 million, or 49 cents per share, from $1.18 billion, or 54 cents per share, in the same quarter a year ago.
Q2 operating income fell 13% to $1.48 billion from $1.7 billion a year ago, while total revenue declined 3% to $3.7 billion, according to a CSX press release. The company posted an operating ratio of 59.9% for the quarter, up from 55.4% a year ago.
Last year’s Q2 results included a $122 million gain, or 4 cents per share after tax, related to a Virginia property sale agreement.
CSX continued to build momentum in Q2, with the merchandise and coal business categories posting significant volume gains, said CSX President and CEO Joe Hinrichs.
"Though intermodal activity remains challenged, our strong service performance distinguishes us in the marketplace and is attracting shippers to our network," Hinrichs said. "We look forward to meeting the opportunities ahead in the second half of the year and over the long term as we position CSX for sustainable, profitable growth."