CSX Corp. Announces Fourth Quarter and Full Year 2023 Results

CSX Corp. announced fourth quarter 2023 operating income of $1.32 billion compared to $1.46 billion in the prior year period. Net earnings were $886 million, or $0.45 per diluted share, compared to $1.02 billion, or $0.49 per diluted share, in the same period last year. Total volume of 1.56 million units for the quarter was 1% higher compared to 2022, with Merchandise volume up 3%, Coal volume up 3%, and Intermodal volume flat.

For the full year 2023, CSX operating income of $5.56 billion was down 8% from the previous year. Net earnings for the year were $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 Joe Hinrichs, president and chief executive officer. “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.”

Fourth Quarter Financial Highlights

  • Revenue totaled $3.68 billion for the quarter, declining 1% year-over-year as the effects of 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.
  • Operating income of $1.32 billion decreased 10% compared to the same period in 2022. CSX’s operating ratio was 64.1% for the quarter.
  • Diluted EPS of $0.45 decreased 8% from $0.49 in the prior year.

Full Year 2023 Financial Highlights

This article was posted on: January 25, 2024