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CSX Corporation, headquartered in Jacksonville, Florida, is one of the United States' premier transportation providers. The company's rail and intermodal businesses offer a range of rail-based transportation services, including traditional rail service and the transport of intermodal containers and trailers. Using a comprehensive network of approximately 21,000 route miles of track across 23 states, the District of Columbia, Ontario, and Quebec, CSX connects major population centers and serves about two-thirds of the American population.
CSX's extensive network provides access to over 70 ocean, river, and lake port terminals along the Atlantic and Gulf coasts, the Mississippi River, the Great Lakes, and the St. Lawrence Seaway. Additionally, through alliances with western railroads, CSX has access to Pacific ports, extending its reach globally.
As a vital player in the U.S. economy, CSX transports a diverse range of products. In 2023, the company generated around $14.7 billion in revenue, moving commodities such as coal (16% of revenue), chemicals (17%), intermodal containers (16%), and automotive cargo (7%).
One of CSX's recent achievements includes becoming the first U.S. Class I railroad to extend paid sick leave agreements to its contract workers, significantly enhancing the well-being of its employees. The company has negotiated with several unions, including BMWED, BRC, SMART-TD, IAM, NCFO, and IBEW, to offer this benefit to thousands of workers.
In the realm of community engagement, CSX has made a transformational gift to the Museum of Science & History (MOSH) in Jacksonville, supporting the MOSH Genesis capital campaign. This initiative aims to build a new, state-of-the-art museum on the Northbank of the St. Johns River, enhancing educational and cultural opportunities for the region.
CSX is also committed to sustainability and innovation. The company has recently debuted its first hydrogen-powered locomotive, converted from an existing diesel unit. This initiative is part of a collaboration with CPKC to advance hydrogen technology, aiming to provide more efficient and zero-emission transportation solutions.
For nearly 200 years, CSX Corporation has played a critical role in America's economic expansion and industrial development, linking major metropolitan areas, short-line railroads, and numerous ports. CSX continues to leverage its extensive network to provide reliable transportation services, driving progress and connectivity across the nation.
CSX Corp. (NASDAQ: CSX) has announced that its President and CEO, Joe Hinrichs, will be addressing the 12th Annual Morgan Stanley Laguna Conference in California on Thursday, September 12, at 9:20 a.m. Pacific time. The address will be broadcast live via webcast on the company's investor relations website, with a replay available after the event. This announcement, along with additional financial information, can be accessed on CSX's investor relations website.
CSX (NASDAQ: CSX) has announced new five-year tentative collective bargaining agreements with the International Brotherhood of Boilermakers (IBB) and the Transportation Communications Union (TCU). These agreements, pending ratification, were reached over four months before the current contracts become amendable. CSX has now secured proactive agreements with 11 labor unions, covering 15 work groups and more than 50% of its unionized workforce. The agreements offer improved wages, healthcare, and paid time off benefits. CSX's CEO, Joe Hinrichs, emphasized the importance of these agreements in creating a foundation where employees feel valued and empowered, recognizing their critical role in delivering on customer and community commitments.
CSX (NASDAQ: CSX) has announced new tentative five-year collective bargaining agreements with seven additional labor unions, covering various employee groups including maintenance, machinists, yardmasters, and supervisors. These agreements, pending ratification, were reached more than four months before the current contracts become amendable. CSX has now secured 12 separate tentative agreements, covering over 50% of its union employees.
The agreements provide improved wages, health care, and paid time off benefits. CSX President and CEO Joe Hinrichs emphasized the company's commitment to collaboration with union partners and building a future that benefits employees, customers, and communities. CSX aims to reach similar agreements with other unions in the coming days.
CSX (NASDAQ: CSX) has reached early five-year tentative agreements with two additional labor unions: the SMART-MD and ATDA. These deals, secured over four months ahead of schedule, aim to improve wages and benefits for railway workers. CSX CEO Joe Hinrichs emphasized the company's commitment to enhancing the work environment and employee well-being. The agreements, subject to union membership ratification, align with terms recently reached with other unions. CSX continues to work towards timely agreements with remaining labor partners, focusing on improving safety, service, and efficiency across the organization.
CSX Corp. (NASDAQ: CSX) has reached tentative agreements on new five-year collective bargaining agreements with three labor unions, covering approximately 25% of CSX's front-line union workforce. The agreements, subject to ratification, include average wage increases of 3.5% per year over five years and improvements in paid vacation and health care. These deals were finalized more than four months before the current contracts become amendable under the federal Railway Labor Act.
CSX CEO Joe Hinrichs praised the labor leaders for their proactive approach and emphasized the company's commitment to improving employee and customer experiences. The company has also reached out to other labor partners to secure similar agreements for all CSX union employees.
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) has released its 2023 Environmental, Social and Governance (ESG) report, highlighting significant progress in key areas. The company launched its first hydrogen fuel cell locomotive, helped customers avoid 12.9 million tons of CO2 emissions, and received grants for three battery-electric locomotives. CSX also expanded its nature-based solutions, reforesting 144 acres with over 53,000 trees.
In social initiatives, CSX became the first U.S. Class I railroad to offer paid sick leave to 75% of its union-represented workforce. The company trained over 6,000 local first responders and committed $25 million to support veterans, military personnel, and first responders through its CSX Pride in Service program.
The report aligns with leading ESG disclosure frameworks and the UN Sustainable Development Goals, demonstrating CSX's commitment to transparency and sustainable freight transportation.
CSX 's Board of Directors has declared a quarterly dividend of $0.12 per share on common stock. This dividend will be payable on September 13, 2024, to shareholders who are on record as of August 30, 2024. This decision reflects the company's commitment to returning value to its shareholders through regular dividend payments.
CSX (NASDAQ: CSX) will announce its second-quarter financial and operating results on August 5, 2024, after the market close. The earnings call will take place at 4:30 p.m. ET the same day, hosted by the company’s management team. This release includes a review of the capitalization of prior period engineering materials and labor, which will not affect free cash flow past or future. Excluding this review, CSX expects to improve both operating income and operating margin sequentially in the second quarter. Participants can join the teleconference by dialing specific numbers provided or access the live webcast and presentation materials on the CSX investor website.
CSX (NASDAQ: CSX) has been named one of America’s Climate Leaders 2024 by USA TODAY for the second consecutive year. The recognition highlights CSX's significant emissions intensity reductions between 2020 and 2022. CSX President and CEO Joe Hinrichs emphasized the company's commitment to sustainability, noting railroads' fuel efficiency in land freight transportation. USA TODAY, in collaboration with Statista, evaluated 2,000 companies with 2022 revenues of at least $50 million based on their emissions reductions. CSX aims for a 37.3% reduction in greenhouse gas intensity by 2030, leveraging advanced locomotive technologies and alternative fuels. CSX has also been named to the Forbes Net Zero Leaders list and the Dow Jones North America Sustainability Index for 13 consecutive years.
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