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1/25/2024
CSX yesterday reported fourth-quarter 2023 net income of $886 million, or 45 cents per diluted share, down from net earnings of $1.02 billion, or 49 cents per share, in the same 2022 period.
Revenue totaled $3.7 billion for the quarter, down 1% year over year, as volume growth and favorable merchandise pricing were more than offset by lower intermodal storage revenue, reduced fuel surcharge, the effect of lower global benchmark coal prices and a decline in trucking revenue.
Total volume of 1.56 million units was 1% higher versus Q4 2022, with merchandise volume up 3%, coal volume up 3% and intermodal volume flat.
The Class I's operating income fell 10% to $1.32 billion in the quarter. CSX logged a Q4 operating ratio of 64.1% compared to 60.9% a year earlier.
For full-year 2023, CSX's operating income of $5.56 billion was down 8% from the previous year. Net earnings totaled $3.72 billion, or $1.85 per share, compared to $4.17 billion, or $1.95 per share, in 2022.
"Throughout 2023, our railroad demonstrated reliable, industry-leading network performance and the ONE CSX team delivered consistent results through a dynamic economic environment by focusing on excellent customer service," said President and CEO Joe Hinrichs in a press release. "Our railroad is running well, we have the right team and resources in place, and we look forward to building on our positive momentum with profitable growth over this next year."