CSX Corporation (NASDAQ: CSX) reported upbeat earnings for its second quarter on Tuesday.
The Jacksonville, Florida-based CSX unveiled 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% from 67.4% in the prior year or 63.5% 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% increase in earnings per share year over year.
Revenue for the second quarter increased 6% over the prior year to $3.10 billion, while expenses declined 8% year over year or 2% when excluding prior year restructuring charges.
Operating income for the quarter increased 34% to $1.28 billion when compared to $957 million in the same period last year or 20% when compared to the adjusted operating income of $1.07 billion reported in the second quarter of 2017.
CEO James Foote effused, "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."
CSX provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products.
Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides.
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