CSX Corp. Announces Third Quarter 2023 Results
JACKSONVILLE, Fla., Oct. 19, 2023 — CSX Corp. (NASDAQ: CSX) today announced third quarter 2023 operating income of $1.30 billion compared to $1.58 billion in the prior year period. Net earnings of $846 million, or $0.42 per diluted share, compared to $1.11 billion, or $0.52 per diluted share, in the same period last year.
“Over the third quarter, our efforts centered on delivering the reliable customer service that has allowed us to remain resilient and successfully maneuver through mixed markets,” said Joe Hinrichs, president and chief executive officer. “Our merchandise business remained solid, and our coal operations delivered strong volume growth. As we approach year-end, we are proud of the cohesive culture taking shape across our ONE CSX team that is helping to drive positive business results, and we are encouraged to see improving sequential trends in some of our key end markets.”
Third Quarter Financial Highlights
-- Revenue totaled $3.57 billion for the quarter, declining 8%
year-over-year as the effects of lower fuel prices, reduced intermodal
storage revenue, a decline in export coal benchmark prices, and a
decrease in intermodal volumes more than offset the effects of higher
merchandise yields and coal volume growth.
-- Operating income of $1.3 billion decreased 18% compared to the same
period in 2022, with an operating ratio of 63.8%. This includes negative
impacts of approximately $350 million related to net fuel, storage
revenue, and coal prices, partially offset by the favorable impact of $42
million due to out-of-period labor and fringe expenses incurred in the
prior year.
-- Diluted EPS of $0.42 decreased 19% from $0.52 in the prior year.
CSX executives will conduct a conference call with the investment community this afternoon, October 19, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 as the passcode.
In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company’s website at Following the earnings call, a webcast replay of the presentation will be archived on the company website.
This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at and on Form 8-K with the Securities and Exchange Commission.
About CSX and its Disclosures
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.