CSX Corp. announced third quarter 2020 net earnings of $736 million, or $0.96 per share, versus $856 million, or $1.08 per share in the same period last year. Despite lower economic activity resulting from the COVID-19 pandemic, CSX’s operating ratio of 56.9 percent remained in line with the prior year’s record results.
“I am incredibly proud of how CSX’s exceptional team of railroaders continues to deliver against the challenges this year has presented,” said James M. Foote, president and chief executive officer. “Their hard work allowed CSX to efficiently absorb the record rebound in volume while maintaining high levels of customer service.”
Revenue for the third quarter decreased 11 percent from the prior year to $2.65 billion, as intermodal volume growth was more than offset by declines in coal and merchandise volumes as well as lower fuel surcharge revenue. Expenses decreased 11 percent year over year to $1.51 billion, driven by continued efficiency gains and volume-related reductions. Operating income declined 11 percent for the quarter to $1.14 billion compared to $1.29 billion in the same period last year.
CSX also announced the Board authorized a new share repurchase program, providing $5 billion of incremental authority to the approximately $1.1 billion remaining under the existing share repurchase program. This new program affirms CSX’s commitment to continued return of capital to shareholders.
-via Press Release