NEW YORK, Oct. 17, 2024 (GLOBE NEWSWIRE) -- First Responders Children’s Foundation (FRCF), a national 501(c)3 organization dedicated to serving the children of U.S. first responders including firefighters, police officers, paramedics, EMTs, corrections officers, and 911 dispatchers, announced – in partnership with CSX – the names of 10 students who will receive the CSX Pride in Service Scholarship for the 2024/2025 academic year. FRCF and CSX have awarded individual scholarships to deserving children of fir ...

U.S. stock futures were mostly higher this morning, with the Nasdaq futures gaining around 100 points on Thursday.Shares of CSX Corporation CSX fell sharply in today's pre-market trading after the company reported third-quarter earnings below analyst estimates.CSX reported quarterly GAAP earnings of 46 cents per share, which missed the consensus estimate of 48 cents per share. Quarterly revenue came in at $3.62 billion, also missing the consensus estimate of $3.676 billion. The company said its total volume ...

Financial Data and Key Metrics Changes - Total revenue reached over $3.6 billion for the quarter, up 1% from the same period last year, despite lower fuel surcharge and coal prices [9] - Operating income increased by 7% compared to last year, demonstrating strong general margins from top line growth and cost control [9] - Earnings per share grew by 12%, supported by solid results for the business and commitment to capital returns [9] - Operating margin reached 37.4%, improved by 180 basis points year-over-year [8] Business Line Data and Key Metrics Changes - Total volume grew by 3% year-over-year, with merchandise volume also increasing by 3% [8] - Merchandise revenue grew by 6%, driven by volume growth and favorable pricing [17] - Coal revenue declined by 7%, with a 2% decline in volume; export tonnage increased by 10% while domestic tonnage decreased by 12% [21] - Intermodal revenue declined by 2% year-over-year, while volume increased by 3% [22] Market Data and Key Metrics Changes - Market conditions remain mixed, with continued strength in some merchandise markets, while truck rates appear to have bottomed [16] - Diesel and natural gas prices remain low, and benchmark coal prices have moderated [16] - The metals market, particularly steel, remains soft with sluggish demand and low commodity prices [19] Company Strategy and Development Direction - The company aims to deliver consistent, sustainable, profitable growth over time, focusing on operational efficiency and cost controls [7] - The management emphasizes the importance of collaboration with customers and adapting to market conditions [15] - The company is committed to a balanced and opportunistic approach to capital returns via buybacks and a growing dividend [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges from severe weather events and equipment issues but remains focused on long-term goals [7] - The fourth quarter is expected to present modestly more challenging conditions, with anticipated revenue impacts from lower fuel surcharge and coal prices [31] - The company is optimistic about growth in specific markets like chemicals and agriculture, despite some softness in metals and automotive sectors [32] Other Important Information - The company experienced a revenue impact of $10 million to $15 million from Hurricane Helene, with larger storm-related impacts expected in the fourth quarter [25] - A significant rebuild process is underway for infrastructure damaged by hurricanes, with costs likely exceeding $200 million [26] - Free cash flow remains strong at over $2.2 billion, with a commitment to investing in safety, reliability, and long-term growth [30] Q&A Session Summary Question: Price cost spread and labor negotiations - Management indicated that the price-cost spread has been positive throughout the year, with expectations for wage inflation around 4% next year [38][39] Question: Intermodal pricing and revenue growth - Management noted that intermodal pricing is expected to improve as trucking market conditions stabilize, with ongoing efforts to convert truck volume to rail [46][47] Question: Revenue headwinds from fuel and coal - Management estimated that revenue headwinds from fuel and coal could translate to about $100 million of operating income headwinds year-over-year in Q4 [49][50] Question: Headcount trends and cost management - Management emphasized a focus on retention and efficiency, with expectations for modest headcount increases while maintaining volume growth [53][56] Question: Sensitivity of industrial development projects to economic cycles - Management acknowledged that economic conditions could affect the pace of industrial development projects, but expressed confidence in ongoing projects [60][61] Question: Early labor agreement and its implications - Management explained the rationale behind signing a five-year labor agreement early, emphasizing the importance of employee satisfaction and stability [62][64]

Wednesday, October 16th, 2024Markets were up across the board today, with the blue-chip Dow notching yet another all-time closing high. The Dow gained +337 points, +0.79%, for the session. The S&P 500, which had last posted an all-time closing high on Monday, was just short today, up +0.47% but 14 points off its Monday closing high.The tech-heavy Nasdaq, which hasn’t reached a new closing high since July of this year, was the relative laggard among top indexes: +0.28%. The small-cap Russell 2000, three full ...

Core Insights - CSX reported revenue of $3.62 billion for the quarter ended September 2024, reflecting a year-over-year increase of 1.3% [1] - Earnings per share (EPS) for the quarter was $0.46, up from $0.42 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $3.68 billion, resulting in a surprise of -1.56% [1] - EPS also missed the consensus estimate of $0.48, with a surprise of -4.17% [1] Performance Metrics - Operating Margin was reported at 37.4%, significantly lower than the average estimate of 62% based on five analysts [3] - Revenue per unit for Intermodal was $697, compared to the estimated $719.66 by four analysts [3] - Volume for Merchandise - Automotive was 98 thousand, below the estimated 101.14 thousand [3] - Volume for Merchandise - Minerals was 96 thousand, slightly above the estimated 94.57 thousand [3] - Revenue from Coal was $553 million, compared to the average estimate of $561.69 million, representing a year-over-year decline of 6.9% [3] - Revenue from Intermodal was $509 million, below the estimated $529.24 million, with a year-over-year change of -1.6% [3] - Revenue from Merchandise - Fertilizers was $118 million, compared to the average estimate of $132.40 million, reflecting a year-over-year decline of 4.8% [3] - Revenue from Merchandise - Chemicals was $727 million, exceeding the estimated $698.44 million, with a year-over-year increase of 12.5% [3] - Revenue from Merchandise - Automotive was $301 million, below the estimated $314.07 million, showing a year-over-year decline of 2.3% [3] - Revenue from Merchandise - Minerals was $202 million, slightly above the estimated $198.20 million, with a year-over-year increase of 6.3% [3] - Revenue from Merchandise - Forest Products was $259 million, below the estimated $269.53 million, with a year-over-year increase of 6.6% [3] - Total Merchandise revenue was $2.23 billion, slightly below the estimated $2.26 billion, with a year-over-year increase of 5.6% [3] Stock Performance - CSX shares have returned +4.2% over the past month, outperforming the Zacks S&P 500 composite's +3.5% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Core Viewpoint - CSX reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.48 per share, but showing an increase from $0.42 per share a year ago [1] - The company posted revenues of $3.62 billion for the quarter, which was also below the Zacks Consensus Estimate by 1.56% [1] Financial Performance - Earnings surprise of -4.17% for the recent quarter, while the previous quarter had a positive surprise of 2.08% [1] - Over the last four quarters, CSX has surpassed consensus EPS estimates three times [1] - Year-over-year revenue comparison shows an increase from $3.57 billion [1] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $3.74 billion, and for the current fiscal year, it is $1.93 on revenues of $14.8 billion [4] - The estimate revisions trend for CSX is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [4] Industry Context - The Transportation - Rail industry is currently in the top 13% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [5] - Canadian Pacific Kansas City, a peer in the same industry, is expected to report quarterly earnings of $0.74 per share, reflecting a year-over-year increase of 7.3% [5][6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (☒) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR (☐) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 1-8022 CSX CORPORATION (Exact name of registrant as specified in its charter) Virginia 62-10519 ...

Financial Performance - Q3 2024 operating income increased to $1.35 billion, up 7% year-over-year from $1.27 billion in Q3 2023[1] - Net earnings for Q3 2024 were $894 million, or $0.46 per diluted share, compared to $828 million, or $0.41 per diluted share, in Q3 2023[1] - Revenue for Q3 2024 totaled $3.62 billion, a 1% increase year-over-year, driven by growth in merchandise and intermodal volume[3] - Operating margin for Q3 2024 was 37.4%, up 180 basis points year-over-year[3] - Diluted EPS for Q3 2024 was $0.46, a 12% increase compared to the prior year quarter[3] - Net Earnings for the nine months ended September 30, 2024, were $2.737 billion, compared to $2.786 billion for the same period in 2023[19] - CSX's Economic Profit for nine months ended Sep 30, 2024 was $1.865 billion, compared to $1.993 billion in the same period of 2023[63] - CSX's operating income for nine months ended Sep 30, 2024 was $4.139 billion, compared to $4.184 billion in 2023[63] - Gross Cash Earnings (GCE) for nine months ended Sep 30, 2024 was $4.643 billion, slightly down from $4.647 billion in 2023[63] - Free Cash Flow (FCF) before dividends decreased by $301 million to $2.218 billion in nine months ended Sep 30, 2024 compared to 2023[66] Volume and Revenue - Total volume for Q3 2024 was 1.59 million units, a 3% increase compared to Q3 2023[1] - Total revenue increased 1% in Q3 2024 compared to Q3 2023, driven by higher merchandise and intermodal volumes, partially offset by lower coal revenue and fuel recovery[41] - Chemicals volume increased 9% in Q3 2024, with revenue up 13% to $727 million, driven by higher shipments of plastics, crude oil, and natural gas liquids[38][43] - Intermodal volume increased 3% in Q3 2024, with international shipments rising due to higher east coast port volumes, while domestic shipments remained flat[38][44] - Coal volume decreased 2% in Q3 2024, with domestic coal down 12% and export coal up 10%[38][46] - Total revenue ton-miles increased 2% in Q3 2024 to 48.8 billion, with merchandise up 4% and intermodal up 1%[53] Expenses and Costs - Labor and fringe expenses increased by 6% to $806 million in Q3 2024 compared to $761 million in Q3 2023[14] - Fuel expenses decreased by 21% to $276 million in Q3 2024 from $349 million in Q3 2023[14] - Total expenses decreased 2% in Q3 2024 to $2.3 billion, with labor and fringe costs up $45 million due to inflation and higher headcount[49] - Locomotive fuel consumption decreased 9% in Q3 2024, with fuel costs down 17% due to lower fuel prices and improved efficiency[51] - Fuel surcharge revenue decreased to $245 million in Q3 2024 from $266 million in Q3 2023, with a favorable fuel lag of $10 million[42] Cash Flow and Capital - Net Cash Provided by Operating Activities for the nine months ended September 30, 2024, was $3.859 billion, down from $4.025 billion in 2023[19] - Net Cash Used in Investing Activities for the nine months ended September 30, 2024, was $1.722 billion, compared to $1.506 billion in 2023[20] - Net Cash Used in Financing Activities for the nine months ended September 30, 2024, was $1.846 billion, down from $3.092 billion in 2023[22] - Cash and Cash Equivalents at the End of the Period were $1.644 billion for September 30, 2024, compared to $1.360 billion in 2023[22] - Property additions increased to $1.691 billion in nine months ended Sep 30, 2024 from $1.571 billion in 2023[66] Balance Sheet and Debt - Total assets as of September 30, 2024, were $43.069 billion, up from $42.212 billion as of December 31, 2023[17] - Long-term debt increased to $18.535 billion as of September 30, 2024, from $17.975 billion as of December 31, 2023[16] - CSX's Gross Operating Assets (GOA) increased to $46.3 billion in 2024 from $44.229 billion in 2023[63] - Capital Charge for nine months ended Sep 30, 2024 was $2.778 billion, up from $2.654 billion in 2023[63] Share Repurchases - Shares Repurchased during the nine months ended September 30, 2024, were 35 million at a cost of $1.212 billion, compared to 94 million shares at $2.901 billion in 2023[36] - Average Cost per Share Repurchased during the nine months ended September 30, 2024, was $34.60, up from $30.99 in 2023[36] Operational Metrics - Train velocity improved 6% in Q3 2024 to 18.6 miles per hour, while dwell time increased 7% to 10.3 hours[53] - FRA personal injury frequency increased 16% in Q3 2024, while the train accident rate decreased 25%[54][55] - The inclusion of Pan Am network data in operations performance metrics since Q2 2023 had an insignificant impact[56] - Safety metrics will include Pan Am network results starting January 1, 2024, with insignificant impact[56] Tax and Investment Criteria - The company uses a 15% tax rate and 8% required return rate for Economic Profit calculations, consistent with investment decision criteria[61] Revisions - Operating Income for the nine months ended September 30, 2023, was revised to $4.184 billion from $4.241 billion due to adjustments[30] - Net Earnings for the nine months ended September 30, 2023, were revised to $2.786 billion from $2.829 billion[30]

JACKSONVILLE, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced third quarter 2024 operating income of $1.35 billion compared to $1.27 billion in the prior year period. Net earnings were $894 million, or $0.46 per diluted share, compared to $828 million, or $0.41 per diluted share, in the same period last year. Total volume of 1.59 million units for the quarter was 3% higher compared to third quarter 2023. “CSX's commitment to excellent service allowed us to deliver meaningful ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? CSX (CSX) , which belongs to the Zacks Transportation - Rail industry, could be a great candidate to consider.This freight railroad has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 2.15%.For the last reported quarter, CSX came out with earnings ...