CSX Corp. Announces Fourth Quarter and Full Year 2024 Results
Rhea-AI Summary
CSX Corp reported a decline in fourth quarter 2024 performance, with operating income falling to $1.11 billion from $1.32 billion year-over-year. The quarter included a $108 million pre-tax goodwill impairment charge. Net income decreased to $733 million ($0.38 per share) from $882 million ($0.45 per share) in Q4 2023.
For full-year 2024, operating income declined 5% to $5.25 billion, with net income of $3.47 billion ($1.79 per share) compared to $3.67 billion ($1.82 per share) in 2023. Quarterly revenue decreased 4% to $3.54 billion, while full-year revenue fell 1% to $14.54 billion. Total volume increased 1% to 1.58 million units in Q4. The company faced challenges from major hurricanes and the Key Bridge outage early in the year.
Positive
- Total volume increased 1% year-over-year in Q4 2024
- Adjusted operating margin remained strong at 34.3% for Q4 and 36.8% for full year
- Higher pricing and volume growth in merchandise and intermodal segments
Negative
- Q4 operating income declined 16% year-over-year to $1.11 billion
- Q4 revenue decreased 4% to $3.54 billion
- Full-year revenue declined 1% to $14.54 billion
- $108 million goodwill impairment charge in Q4
- EPS decreased from $1.82 in 2023 to $1.79 in 2024
News Market Reaction – CSX
On the day this news was published, CSX declined 2.91%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
JACKSONVILLE, Fla., Jan. 23, 2025 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced fourth quarter 2024 operating income of
For the full year 2024, CSX operating income of
Adjusted for the goodwill impairment charge, operating income was
“While 2024 had its challenges, I am proud of how the ONE CSX team responded. We managed through substantial impacts from major hurricanes and the Key Bridge outage early in the year and remained focused on delivering industry-leading customer satisfaction,” said Joe Hinrichs, president and chief executive officer. “We will remain disciplined in delivering safety, service, and operating efficiency performance as we invest in the strength and capabilities of our network this year, and we look forward to delivering on the profitable growth opportunities ahead of us.”
Fourth Quarter Financial Highlights1, 2
- Revenue totaled
$3.54 billion for the quarter, decreasing4% year-over-year, as declines in fuel surcharge and coal revenue offset the effects of higher pricing and volume in merchandise and volume growth in intermodal. - Operating income was
$1.11 billion , including a goodwill impairment charge of$108 million , and adjusted operating income was$1.21 billion . CSX’s operating margin was31.3% for the quarter, and adjusted operating margin was34.3% . - EPS of
$0.38 and adjusted EPS of$0.42 , which compared to earnings of$0.45 per share the prior year quarter.
Full Year 2024 Financial Highlights1, 2
- Revenue totaled
$14.54 billion in 2024, decreasing1% year-over-year. - Operating income was
$5.25 billion , including a goodwill impairment charge, and adjusted operating income was$5.35 billion . CSX’s operating margin was36.1% for the full year, and adjusted operating margin was36.8% . - EPS of
$1.79 and adjusted EPS of$1.83 , which compared to earnings of$1.82 per share in the prior year.
CSX executives will conduct a conference call with the investment community this afternoon, January 23, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-510-2008. For callers outside the U.S., dial 1-646-960-0306. Participants should dial in 10 minutes prior to the call and enter in 3368220 as the passcode.
In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, a webcast replay of the presentation will be archived on the company website.
This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.
1Year-over-year comparisons for operating income and earnings per share utilize revised financial results for past periods, as described in the notes of our quarterly financial report.
2See the Non-GAAP Measures section of the quarterly financial report for non-GAAP reconciliations and additional information.
About CSX and its Disclosures
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.
This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on X, formerly known as Twitter, (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.
Non-GAAP Disclosure
CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.
Forward-looking Statements
This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.
Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.
Contact:
Matthew Korn, CFA, Investor Relations
904-366-4515
Bryan Tucker, Corporate Communications
855-955-6397
FAQ
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