JACKSONVILLE, Fla. – July 16, 2019 – CSX Corporation (NASDAQ: CSX) today announced second quarter 2019 net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share in the same period last year (an earnings per share increase of 7 percent). CSX’s operating ratio set a company second quarter record of 57.4 percent, improved from 58.6 percent in the prior year.
James M. Foote, president and chief executive officer, said:
“I am extremely proud of our dedicated CSX employees for once again achieving new record levels of efficiency this quarter, while also driving a significant improvement in safety. “These results reflect the strength of our operating model, and combined with continued improvements in our best-in-class customer service, represent significant progress toward our goal of being the best run railroad in North America.”
Revenue for the second quarter declined by 1 percent over the prior year to $3.06 billion, as Merchandise growth was offset by Intermodal weakness. Expenses decreased 3 percent year over year to $1.76 billion, driven by continued efficiency gains and volume-related savings. This combination yielded operating income growth of 2 percent for the quarter to $1.31 billion compared to $1.28 billion in the same period last year.
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.