JACKSONVILLE, Fla. – July 17, 2018 – CSX Corporation (NASDAQ: CSX) today announced second quarter 2018 net earnings of $877 million, or $1.01 per share, versus $510 million, or $0.55 per share in the same period last year. CSX’s operating ratio set an all-time company quarterly record of 58.6 percent from 67.4 percent in the prior year or 63.5 percent on an adjusted basis, excluding restructuring charges. Compared to 2017 second quarter, the adjusted operating results represent an operating ratio improvement of 490 basis points and a 58 percent increase in earnings per share year over year.
Quarters Ended June 30th 2018 2017 Restructuring 2017 (in millions, except operating ratio and EPS) GAAP GAAP Charge Non-GAAP
Net Earnings $ 877 $ 510 $ 81 $ 591 Operating Ratio 58.6 % 67.4 % (3.9 )% 63.5 % Net Earnings per Share, Assuming Dilution $ 1.01 $ 0.55 $ 0.09 $ 0.64
James M. Foote, president and chief executive officer, said:
“I could not be more proud of our hardworking CSX employees for achieving these record- setting results. I expect continued improvement in our safety, service and financial performance. While we remain in the early stages of the transformation I am more confident this exceptional team can deliver on our longer term outlook.”
Revenue for the second quarter increased 6 percent over the prior year to $3.10 billion, while expenses declined 8 percent year over year or 2 percent when excluding prior year restructuring charges. Operating income for the quarter increased 34 percent to $1.28 billion when compared to $957 million in the same period last year or 20 percent when compared to the adjusted operating income of $1.07 billion reported in the second quarter of 2017.