CSX Reports 1st Quarter Revenue Gains

CSX this week said that during the first quarter it saw revenue increase by 9 percent to $3.71 billion and operating income rise by 14 percent to $1.46 billion.

The comparisons are with the first  quarter of 2022.

Net earnings for the most recent quarter were $987 million, or 48 cents per diluted earnings per share, a 23 percent increase compared with the same period in 2022.

The operating ratio was 60.5 percent compared with 62.4 percent a year ago.

In a news release, CSX said it enjoyed “solid volume growth in merchandise and coal, higher fuel surcharge and pricing gains.”

In a statement, CSX CEO Joseph Hinrichs described the first quarter as an encouraging start to the year and hailed it as evidence of the carrier moving toward earnings growth.

He credited improved service to shippers through the ONE CSX operating initiatives for enabling the Class 1 carrier to gain more business and move more freight.

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