CSX Corp

CSX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$11.00	Wfkx	Fvkpjpr

CSX Earnings: Intermodal Under Pressure, but Margins Exceed Our Expectations

Matthew Young

Apr 21, 2023

Eastern Class I railroad CSX’s first-quarter top line grew 9% year over year driven by core-pricing gains, higher fuel surcharges and the addition of Pan Am. Revenue exceeded our expectations on strong yield growth (up 9.5%). Volume, which fell 1%, was mostly in line with our forecast as merchandise activity came in ahead but intermodal underperformed—sluggish retail end market demand (high inventory levels) is proving more potent than service improvement.

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