CSX Corp. (NASDAQ: CSX) today announced second quarter 2020 net
earnings of $499 million, or $0.65 per share, versus $870 million,
or $1.08 per share in the same period last year.
“I want to extend my gratitude to all of the CSX
employees who kept the railroad running well during the most
disruptive operating period I have seen in my career,” said James
M. Foote, president and chief executive officer. “Their tireless
efforts reflect our commitment to being the best run railroad in
North America and ensure CSX will emerge from this unprecedented
period an even stronger company than before.”
Revenue for the second quarter decreased 26
percent over the prior year to $2.26 billion, primarily due to the
lower economic activity driven by the COVID-19 pandemic. Expenses
decreased 19 percent year over year to $1.43 billion, driven by
volume-related reductions and continued efficiency gains. Operating
income declined 37 percent for the quarter to $828 million compared
to $1.31 billion in the same period last year.
CSX executives will conduct a conference call
with the investment community this afternoon, July 22, at 4:30 p.m.
Eastern Time. Investors, media and the public may listen to the
conference call by dialing 1-833-968-2260. For callers outside the
U.S., dial 1-778-560-2704. Participants should dial in 10 minutes
prior to the call and enter in 5393137 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.
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 230 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 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:Bill Slater, Investor
Relations904-359-1334
Bryan Tucker, Corporate Communications855-955-6397
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