By Andrew Corselli, Managing Editor, Railway Age Magazine; July 17, 2019
CSX Corp. (CSX) today announced a 2Q19 earnings per share increase of 7% on net earnings of $870 million, or $1.08 per share, versus $877 million, or $1.01 per share, in the same period last year. In addition, CSX’s operating ratio set a company second-quarter record of 57.4%, improved from 58.6% the prior year.
However, revenue for the second quarter declined by 1% year-over-year to $3.06 billion, as merchandise growth was offset by intermodal weakness, CSX noted. Expenses decreased 3% year-over-year to $1.76 billion, driven by continued efficiency gains and volume-related savings, CSX said. This combination yielded operating income growth of 2% for the quarter to $1.31 billion, compared to $1.28 billion in the same period last year.