Eastern Railroad Discussion > CSX Releases 1st Quarter Financial Results

 CSX said on Thursday that is had first quarter 2024 operating income of $1.35 billion, compared to $1.46 billion in the same period of 2023.
Net earnings in the first quarter were $893 million, or 46 cents per diluted share, down from $987 million, or 48 cents per diluted share in 2023.
Total volume of 1.53 million units was 3 percent higher compared with the first quarter of 2023, with intermodal volume up 7 percent, coal volume up 2 percent, and merchandise volume flat.

Revenue totaled $3.68 billion for the quarter, declining 1 percent year-over-year as lower fuel surcharge, a decline in other revenue, weaker trucking revenue and reduced export coal prices offset gains in merchandise pricing and higher intermodal and coal volumes.
Although first quarter operating income declined 8 percent year-over-year, it increased 3 percent from the fourth quarter of 2023.
For the remainder of 2024, the company expects total volume and total revenue growth in the low-to-mid-single-digit range.

CSX executives said in an earnings call that they expect merchandise business to gain momentum through the year as effects from new business gains, truck conversions, and the ramp-up of industrial development projects build on favorable trends.
Intermodal growth is expected to be supported by stable consumer demand and more normalized retail inventories, which are driving improved port activity.
CSX expects to lose $25 million to $30 million in sales a month due to the closure of the Port of Baltimore due to a bridge collapse in March. From the akronrrblog