JACKSONVILLE, Fla. – October 16, 2018 – CSX Corporation (NASDAQ: CSX) today announced third quarter 2018 net earnings of $894 million, or $1.05 per share, versus $459 million, or $0.51 per share in the same period last year (a 106 percent increase). CSX’s operating ratio set a company third quarter record of 58.7 compared with 68.4 percent in the prior year (a 970 basis point improvement).
James M. Foote, president and chief executive officer, said:
“This quarter highlights the progress towards our transformation as we aim to deliver industry leading service to our customers. I am proud of our team of hard-working employees who were able to produce these results.”
Revenue for the third quarter increased 14 percent over the prior year to $3.13 billion, supported by broad-based volume growth, increases in fuel recovery, favorable mix, higher supplemental revenue and pricing gains. Expenses declined 2 percent year over year to $1.84 billion, as expenses associated with increased volume and higher fuel prices were more than offset by efficiency gains as CSX continues to implement its scheduled railroading business model. This combination yielded operating income growth of 49 percent for the quarter to $1.29 billion compared to $868 million in the same period last year.
CSX executives will conduct a conference call with the investment community this afternoon, October 16, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-327-6279 (1-888-EARN-CSX). For callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call and enter in 3276279 as the passcode.
In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company’s website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.
This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.