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CSX Corp. announced third quarter results that beat Wall Street analysts’ expectations. The Jacksonville, Florida-based Class I railroad’s net income rose 32% to $ 968 million, or 43 cents per share, from $ 736 million, 32 cents, in 2020.
Revenue increased 24% from a year ago to $ 3.29 billion from $ 2.64 billion.
The operating ratio improved to 56.4 from 56.9 the previous year.
The operating ratio measures a company’s operating expenses as a percentage of revenue and determines efficiency. The lower the ratio, the more the company has the capacity to make a profit.
$ CSX CEO Jim Foote reports on Q3 2021 results. Download performance information at https://t.co/sJsb55YzuC. pic.twitter.com/aY1dlNMXan
– CSX (@CSX) 20 October 2021
The average estimate of six analysts polled by Zacks Investment Research was of 38 cents per share. The freight railroad posted $ 3.29 billion in revenue which also beat analysts’ forecasts, which predicted $ 3.03 billion.
“I would like to thank all of the railroaders at CSX for their continued dedication to our customers amid the combination of continued supply chain disruptions and challenges presented by the COVID-19 delta variant this quarter,†said the CEO. James Foote. “We are committed to helping our customers overcome current supply chain constraints and will continue to take steps to keep our network fluid and to design new solutions that enable the delivery of critical goods to millions of Americans.” . “
Foote
Revenue fell 23% in the plummeting auto sector to $ 209 million from $ 271 million. CSX saw year-over-year revenue increases in its other lines of business:
• Chemical shipments: 10%, from $ 566 million to $ 624 million.
• Agricultural and food products: 2%, from $ 335 million to $ 343 million.
• Mineral shipments: 13%, to 162 million dollars against 144 million dollars.
• forest products: 11%, to 231 million dollars against 209 million dollars.
• Metals and equipment: 30%, to 206 million dollars against 159 million dollars.
• Fertilizer shipments: 14%, from $ 93 million to $ 106 million.
• Intermodal: 14%, to $ 509 million against $ 445 million.
• Coal: 39%, to $ 460 million from $ 330 million.
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Much of the increase in coal is attributed to the recovery of the global economy, resulting in increased demand for most energy-related products, especially in anticipation of winter and warmer temperatures. cold in North America, Europe and Asia.
For the second consecutive call for results, CSX management is highlighting the railway’s difficulty in recruiting employees as freight volumes skyrocket. Like many of its competitors at the start of the COVID-19 pandemic, the railroad put train crews on leave due to reduced volume. Now the volume is back, but fewer employees on leave than expected wanted to return.
“We will continue to act. We have a strong hiring pipeline, â€said Foote. “We will hire until we have staffed the network to meet demand. We will be hiring above attrition for the remainder of this year and into the next year. “
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