CSX Corporation announced second quarter 2023 operating income of $1.48 billion compared to $1.70 billion in the prior year period. Net earnings of $996 million, or $0.49 per diluted share, compared to $1.18 billion, or $0.54 per diluted share, in the same period last year. Second quarter 2022 results included a $122 million gain ($0.04/share after-tax) related to the Commonwealth of Virginia property sale agreement.

Second Quarter Financial Highlights

• Revenue totaled $3.70 billion for the quarter, declining 3% year-over-year as lower fuel prices, reduced supplemental revenue, a decline in export coal benchmark prices, and a decrease in intermodal volumes more than offset the effects of volume growth in coal and merchandise and solid gains in merchandise pricing.
• Operating income of $1.48 billion decreased 13% compared to the same period in 2022, with an operating ratio of 59.9%.
• Diluted EPS of $0.49 decreased 9% from $0.54 in the prior year.

-via Press Release