CSX Corporation (NASDAQ:CSX) Stephens Investment Conference Conference Call November 14, 2023 10:00 AM ET Company Participants Sean Pelkey - EVP & CFO Matthew Korn - Head, IR Conference Call Participants Justin Long - Stephens Inc. Justin Long This is Justin Long with Stephens. I want to welcome everybody back to our Nashville conference in 2023. Next up, we have CSX, and representing the company, sitting to my right is Sean Pelkey, CFO. As a reminder, this will be a fireside chat format. I'll start with a ...

CSX Corporation (NASDAQ:CSX) Robert W Baird Global Industrial Conference Call November 8, 2023 10:05 AM ET Company Participants Joseph Hinrichs - President, CEO & Director Conference Call Participants Garrett Holland - Robert W. Baird & Co. Garrett Holland At Baird, we're very pleased to have CSX participated at the Industrials conference this year. From the company, we have Joe Hinrichs, President and CEO. We've also got Matthew Korn from Investor Relations. We're going to dive right into Q&A. But if anyth ...

Financial Data and Key Metrics Changes - CSX generated $3.6 billion in revenue, which was 8% lower than the previous year, primarily due to lower diesel prices and export coal benchmarks [6][26] - Operating income was $1.3 billion for the quarter, down from nearly $1.6 billion last year, reflecting an 18% decrease [7][26] - Earnings per share were $0.42, down from $0.52 year-over-year [7] Business Line Data and Key Metrics Changes - Merchandise business remained steady with flat year-over-year performance, while coal shipments grew by 9% [5][6] - Automotive business saw a 19% increase in volume year-over-year, driven by higher production [19] - Intermodal revenue declined by 14% and total volume decreased by 7%, with domestic intermodal showing positive trends [22][24] Market Data and Key Metrics Changes - Coal revenue declined by 5%, despite a 9% increase in volumes, due to lower international benchmark prices [20] - Domestic intermodal volumes turned positive year-over-year early in the summer and continued to improve [24] - International intermodal activity stabilized but remained weak, with no clear signs of positive inflection [23] Company Strategy and Development Direction - CSX is focused on its ONE CSX initiatives to build a collaborative culture and improve service levels [4] - The company aims to drive sustainable, profitable growth by enhancing operational efficiency and customer engagement [5] - There is an emphasis on cost discipline and leveraging service improvements to capture market share [7][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for growth despite current economic uncertainties, citing improving trends in several end markets [18] - The company anticipates a strong rebound in agricultural and food business due to favorable harvest conditions [33] - Management remains focused on efficiency and cost control while preparing for improved market conditions [34] Other Important Information - The company is investing in safety and reliability, with a capital expenditure estimate of $2.3 billion remaining unchanged [34] - Free cash flow is down from the prior year but remains strong, supporting significant shareholder returns [31] Q&A Session Summary Question: Current resource levels and staffing - Management indicated that they are comfortable with current staffing levels but are still hiring in key locations to support growth [39][41] Question: Truck conversion and service stickiness - Management noted that customers are willing to have conversations about converting from truck to rail, indicating a positive trend in service reliability [45][46] Question: Coal yield expectations for Q4 - Management expects coal yield to improve in the low to mid-single digits, influenced by mix issues within the coal business [59] Question: Cost structure outlook for 2024 - Management anticipates fewer headwinds in 2024 compared to 2023, with opportunities for cost efficiency and growth stemming from improved service levels [69] Question: Domestic intermodal conversion barriers - Management highlighted that previous equipment limitations have been resolved, allowing for better service and customer growth [76]

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, 2023 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 62-1051971 (State or other ...

2023 THIRD QUARTER CONFERENCE CALL ...

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CSX Corporation (NASDAQ:CSX) Q2 2023 Earnings Conference Call July 20, 2023 4:30 PM ET Company Participants Matthew Korn - Head of Investor Relations Joe Hinrichs - President and Chief Executive Officer Jamie Boychuk - Executive Vice President, Operations Kevin Boone - Executive Vice President, Sales, and Marketing Sean Pelkey - Executive Vice President and Chief Financial Officer Conference Call Participants Chris Wetherbee - Citigroup Jon Chappell - Evercore ISI Brandon Oglenski - Barclays Scott Group - W ...

2023 SECOND QUARTER EARNINGS CONFERENCE CALL ...

Financial Performance - Revenue decreased by $116 million, or 3%, year over year, totaling $3.699 billion in Q2 2023[100] - Operating income of $1.5 billion decreased by $221 million, or 13%, year over year[100] - Earnings per diluted share decreased by $0.05, or 9%, to $0.49[100] - Total expenses increased by $105 million, or 5%, year over year, reaching $2.217 billion[113] - Other revenue decreased by $55 million, mainly from lower intermodal storage and equipment usage[111] - Income tax expense decreased by $64 million due to lower earnings before income taxes[117] - Free cash flow before dividends decreased to $1,503 million in the first half of 2023, down from $1,748 million in 2022, primarily due to higher property additions and less cash from operating activities[123] Operational Metrics - Intermodal volume decreased by 10% due to reduced international shipments and a softening truck market[108] - Coal volume increased due to higher shipments of metallurgical and thermal coal, while domestic coal shipments decreased[110] - Merchandise volume increased in categories such as Automotive (21% increase) and Minerals (6% increase) but decreased in Chemicals (4% decrease) and Forest Products (3% decrease)[104] - Train velocity increased by 16% to 17.7 miles per hour in Q2 2023 compared to 15.3 miles per hour in Q2 2022[128] - Dwell time improved by 21% to 9.3 hours in Q2 2023 from 11.8 hours in Q2 2022[128] - Carload trip plan performance rose to 84% in Q2 2023, up from 59% in Q2 2022[128] - Intermodal trip plan performance increased to 96% in Q2 2023, compared to 90% in Q2 2022[128] - Total revenue ton-miles increased to 48.5 billion in Q2 2023, up from 48.2 billion in Q2 2022, reflecting a 1% improvement[128] - Total gross ton-miles reached 95.7 billion in Q2 2023, compared to 95.0 billion in Q2 2022, also a 1% increase[128] Financial Costs - Interest expense increased by $30 million primarily due to higher average debt balances and interest rates[115] Safety Metrics - The FRA train accident rate decreased by 16% to 3.25 in Q2 2023 from 3.87 in Q2 2022[128] - The personal injury frequency index improved by 24% to 0.81 in Q2 2023, down from 1.07 in Q2 2022[128] Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2023, was $2,483 million, which includes $238 million in payments related to finalized labor agreements[124]