CSX Corp. (NASDAQ: CSX) reported its third-quarter 2024 financial results, highlighting a 7% increase in operating income to $1.35 billion, compared to $1.27 billion in the same period last year. Net earnings for the quarter reached $894 million, or $0.46 per diluted share, up from $828 million, or $0.41 per diluted share, in the third quarter of 2023. The company also saw a 3% rise in total volume, with 1.59 million units moved during the quarter.
“CSX’s focus on delivering excellent service has driven notable growth in volume, operating income, and margin this quarter,” said Joe Hinrichs, president and CEO. “Despite the challenges posed by recent hurricanes in many of our operating regions, our network’s flexibility and resilience ensured we continued to meet our customers’ needs, who increasingly recognize the efficiency and reliability of the ONE CSX team.”
Third Quarter 2024 Financial Highlights
- Revenue: CSX generated $3.62 billion in revenue, a 1% year-over-year increase, driven by growth in merchandise and intermodal volumes, as well as pricing gains. This was partially offset by a decline in coal revenue, lower fuel surcharges, and a reduction in other revenue.
- Operating Income: The company’s operating income of $1.35 billion marked a 7% increase from the prior year, with an operating margin of 37.4%, up 180 basis points year-over-year.
- Earnings Per Share (EPS): Diluted EPS of $0.46 represented a 12% increase compared to the third quarter of 2023.
CSX will host a conference call for investors today, October 16, at 4:30 p.m. Eastern Time. The call can be accessed by dialing 1-888-510-2008 (U.S.) or 1-646-960-0306 (international) and entering passcode 3368220. A live webcast and presentation materials will also be available on the company’s website at , where a replay of the webcast will be archived post-call.
For more detailed financial information, CSX’s Quarterly Financial Report is available on its website and via its Form 8-K filing with the Securities and Exchange Commission.