CSX Corp. Announces Second Quarter 2024 Results
CSX Corp. (NASDAQ: CSX) reported its second quarter 2024 results, with operating income of $1.45 billion, down 1% year-over-year but up 8% from Q1 2024. Net earnings were $963 million, or $0.49 per diluted share, compared to $984 million in the same period last year. Total volume increased by 2% to 1.58 million units. Revenue remained flat at $3.70 billion, with merchandise pricing gains and volume growth offset by declines in export coal prices and lower fuel surcharge. The operating margin was 39.1%, down 50 basis points year-over-year but up 280 basis points sequentially.
CSX Corp. (NASDAQ: CSX) ha riportato i suoi risultati del secondo trimestre 2024, con un reddito operativo di 1,45 miliardi di dollari, in calo dell'1% rispetto all'anno precedente, ma in aumento dell'8% rispetto al primo trimestre 2024. Gli utili netti sono stati di 963 milioni di dollari, ossia 0,49 dollari per azione diluita, rispetto ai 984 milioni di dollari nello stesso periodo dell'anno scorso. Il volume totale è aumentato del 2% a 1,58 milioni di unità. I ricavi sono rimasti stabili a 3,70 miliardi di dollari, con guadagni sui prezzi delle merci e crescita del volume bilanciati da un calo dei prezzi del carbone per esportazione e da minori sovrapprezzi sul carburante. Il margine operativo era del 39,1%, in calo di 50 punti base rispetto all'anno precedente, ma in aumento di 280 punti base rispetto al trimestre precedente.
CSX Corp. (NASDAQ: CSX) informó sobre sus resultados del segundo trimestre de 2024, con un ingreso operativo de 1.450 millones de dólares, una disminución del 1% en comparación con el año anterior, pero un aumento del 8% respecto al primer trimestre de 2024. Las ganancias netas fueron de 963 millones de dólares, es decir, 0,49 dólares por acción diluida, en comparación con 984 millones de dólares en el mismo período del año pasado. El volumen total aumentó un 2% a 1,58 millones de unidades. Los ingresos se mantuvieron estables en 3,70 mil millones de dólares, con aumentos en los precios de mercancías y crecimiento del volumen compensados por caídas en los precios del carbón para exportación y menores recargos por combustible. El margen operativo fue del 39,1%, una disminución de 50 puntos básicos en comparación con el año anterior, pero un aumento de 280 puntos básicos en secuencia.
CSX Corp. (NASDAQ: CSX)는 2024년 2분기 실적을 보고했습니다. 운영 수익은 이것은 14억 5천만 달러로, 전년 대비 1% 감소하였으나, 2024년 1분기 대비 8% 증가하였습니다. 순이익은 9억 6천 3백만 달러, 즉 희석 주당 0.49 달러로, 작년 동기의 9억 8천 4백만 달러와 비교됩니다. 총 물량은 2% 증가하여 158만 단위에 달했습니다. 매출은 37억 달러로 동일하게 유지되었으며, 상품 가격 상승 및 물량 증가가 수출 석탄 가격 하락 및 연료 추가 요금 감소로 상쇄되었습니다. 운영 마진은 39.1%로, 전년 대비 50bp 하락했으나, 전분기 대비 280bp 상승했습니다.
CSX Corp. (NASDAQ: CSX) a publié ses résultats du deuxième trimestre 2024, avec un résultat opérationnel de 1,45 milliard de dollars, en baisse de 1 % par rapport à l’année précédente, mais en hausse de 8 % par rapport au T1 2024. Les bénéfices nets s'élevaient à 963 millions de dollars, soit 0,49 dollar par action diluée, contre 984 millions de dollars au cours de la même période l'an dernier. Le volume total a augmenté de 2 % pour atteindre 1,58 million d'unités. Les revenus sont restés stables à 3,70 milliards de dollars, les hausses de prix des marchandises et la croissance des volumes étant compensées par les baisses des prix du charbon à l'exportation et une réduction des frais accessoires sur le carburant. La marge opérationnelle était de 39,1 %, en baisse de 50 points de base par rapport à l'année précédente, mais en hausse de 280 points de base par rapport au trimestre précédent.
CSX Corp. (NASDAQ: CSX) gab seine Ergebnisse für das zweite Quartal 2024 bekannt, mit einem Betriebsergebnis von 1,45 Milliarden Dollar, was einem Rückgang von 1 % im Vergleich zum Vorjahr entspricht, jedoch einem Anstieg von 8 % gegenüber Q1 2024. Der Nettogewinn betrug 963 Millionen Dollar, oder 0,49 Dollar pro verwässerter Aktie, im Vergleich zu 984 Millionen Dollar im gleichen Zeitraum des Vorjahres. Das Gesamtvolumen stieg um 2 % auf 1,58 Millionen Einheiten. Der Umsatz blieb mit 3,70 Milliarden Dollar stabil, da Preisanstiege bei Waren und Volumenwachstum durch Rückgänge bei den Exportkohlenpreisen und niedrigere Treibstoffzuschläge ausgeglichen wurden. Die operative Marge betrug 39,1 %, was einem Rückgang von 50 Basispunkten im Jahresvergleich, aber einem Anstieg von 280 Basispunkten im Quartalsvergleich entspricht.
- Total volume increased by 2% compared to Q2 2023
- Operating income increased 8% from Q1 2024
- Operating margin improved by 280 basis points sequentially
- Diluted EPS increased 9% compared to the previous quarter
- Operating income decreased 1% year-over-year
- Net earnings declined from $984 million to $963 million compared to Q2 2023
- Operating margin declined 50 basis points year-over-year
- Revenue remained flat year-over-year due to declines in export coal prices and lower fuel surcharge
Insights
CSX's Q2 2024 results show a mixed performance. While the company maintained its EPS at
However, it's not all negative. The
Investors should closely monitor CSX's ability to capitalize on merchandise pricing gains and volume growth to offset headwinds from lower export coal prices and reduced fuel surcharges in the coming quarters.
CSX's performance amidst challenging market conditions demonstrates its operational resilience. The company's effective response to disruptions at the Port of Baltimore showcases its adaptability in managing supply chain issues, a critical factor in the current global logistics landscape.
The flat revenue despite volume growth suggests pricing pressures, particularly in the coal segment. However, the growth in intermodal and merchandise volumes is a positive indicator of broader economic activity. The sequential improvements in operating metrics point to the company's ability to optimize its operations in response to market dynamics.
Looking ahead, CSX's focus on efficiency and customer service will be key to navigating the shifting markets. The company's ability to maintain strong margins while adapting to changing demand patterns will be important for its competitive position in the North American freight transportation sector.
JACKSONVILLE, Fla., Aug. 05, 2024 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced second quarter 2024 operating income of
“CSX remained focused on efficiently serving our customers over the second quarter, allowing us to deliver strong sequential increases in volume, operating income, margin, and earnings per share,” said Joe Hinrichs, president and chief executive officer. “I am proud of our railroad’s performance, including our team’s effective response to the disruptions at the Port of Baltimore. As we continue to execute through shifting markets, CSX is well-positioned to achieve solid year-over-year margin expansion over the remainder of 2024.”
Second Quarter Financial Highlights1
- Revenue totaled
$3.70 billion for the quarter, which was flat year-over-year as the positive effects of merchandise pricing gains and growth in intermodal and merchandise volume were offset by declines in export coal prices, a reduction in other revenue, and lower fuel surcharge. - Operating income of
$1.45 billion decreased1% compared to the same period in 2023 while increasing8% from Q1 2024. CSX’s operating margin was39.1% for the quarter, declining 50 basis points year-over-year but increasing 280 basis points sequentially. - Diluted EPS of
$0.49 was flat compared to the prior year but increased9% compared to the previous quarter.
CSX executives will conduct a conference call with the investment community this afternoon, August 5, 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 http://investors.csx.com. 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 http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.
1Year-over-year and sequential comparisons for operating income and earnings per share utilize revised financial results for past periods, as described in the notes of our quarterly financial report.
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.
This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.
Non-GAAP Disclosure
CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.
Forward-looking Statements
This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.
Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.
Contact:
Matthew Korn, CFA, Investor Relations
904-366-4515
Bryan Tucker, Corporate Communications
855-955-6397
FAQ
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