CSX Earnings Dip in 1st Quarter

CSX said Tuesday that during the first quarter of this year it earned $706 million, or $0.93 per share.

That was a decline of 8.31 percent from the same period in 2020 when it posted earnings of  $770 million, or $1.00 per share.

The Class 1 carrier said first-quarter revenue of $2.813 billion was down 1.47 percent from the $2.855 billion recorded in the quarter last year.

Intermodal and other revenue growth “was more than offset by declines in merchandise, coal and fuel surcharge revenues,” CSX officials said in a news release.

Expenses rose 2.09 percent on a year-over-year comparison to $1.712 billion and operating income declined 6.54 percent for the quarter to $1.101 billion.

The operating ratio of 60.9 percent was an increase over the 58.7 percent posted in first-quarter 2020.

CSX management expects to achieve “double-digit full-year revenue growth,” this year and that it projects “full-year volume growth in excess of GDP.”

Capital expenses in 2021 have been set at $1.7 billion to $1.8 billion.

 “Looking forward, the strengthening economic momentum is providing added visibility into volume growth, and we are taking the necessary steps to ensure we are ready to handle these volumes and provide our customers with an industry-leading service product,” said CEO James M. Foote in a statement.

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