CSX 1Q Revenue Drops on Lower Fuel Surcharge While Volumes Rise

By Dean Seal

CSX recorded lower earnings and revenue in the first quarter as fuel surcharges and coal prices fell, though volumes increased in its coal and intermodal businesses.

The Jacksonville, Fla.-based railroad that operates in much of the Eastern U.S. posted a profit of $893 million, compared with $987 million in the same period a year ago.

Quarterly earnings were 46 cents a share, down from 48 cents a share last year. Analysts polled by Fact Set had been expecting 45 cents a share.

Revenue slid to $3.68 billion from $3.71 billion in the year-ago quarter, but still beat analyst forecasts for $3.66 billion, according to FactSet.

The downtick in revenue was driven by lower fuel surcharges, weaker trucking revenue and lower export coal prices, offsetting gains from higher merchandise pricing and intermodal and coal volumes.

Total volume stepped up 3% to 1.53 million units, with intermodal volume up 7% and coal volume up 2%. Quarterly merchandise volume came in flat with last year.

Chief Executive Joe Hinrichs said the company sees favorable trends building across many of the markets CSX serves.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 17, 2024 16:33 ET (20:33 GMT)

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