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- CSX Corporation CSX reported second-quarter revenue growth of 28% year-over-year to $3.82 billion, beating the consensus of $3.65 billion.
- The increase reflects higher revenue in nearly all markets driven by pricing gains, fuel surcharge, and the addition of Quality Carriers.
- Q2 total volume was flat, and revenue per unit increased by 27% to $2,393.
- EPS improved to $0.54 from $0.52 in 2Q21, above the consensus of $0.47.
- Operating income increased by 12% Y/Y to $1.7 billion, and margin contracted to 44.6% from 56.6%.
- The operating ratio increased to 55.4% for the quarter, from 43.4% a year ago.
- CSX’s net cash provided by operating activities year-to-date totaled $2.53 billion, compared to $2.4 billion in 2Q21. It has cash and cash equivalents of $724 million at the end of the quarter.
- In Q2, velocity decreased by 15%, and dwell increased by 12% versus the prior year. Carload trip plan performance decreased by 14%, while intermodal trip plan performance improved by 1%.
- The Company expects operating metrics to improve commensurate with hiring and training.
- CSX’s for FY22 is still targeting full-year double-digit revenue and operating income growth, excluding impacts from the Virginia real estate transaction, and expects the full-year capital expenditure target of ~$2 billion.
- Price Action: CSX shares are trading higher by 4.81% at $31.16 during the post-market session on Wednesday.
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