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CSX posts lower earnings, steady operating ratio in Q3

CSX Corp. yesterday reported third-quarter 2020 net earnings declined 14% to $736 million, or 96 cents per share, compared with $856 million, or $1.08 per share, in the same period a year ago.

Revenue for the quarter fell 11% to $2.65 billion, as intermodal volume growth was more than offset by declines in coal and merchandise volumes, as well as lower fuel surcharge revenue.

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CSX train derails in Georgia after Delta-related rains

Rail News Home CSX Transportation 10/12/2020 Rail News: CSX Transportation
image Firefighters responded at to a 911 call indicating the train had derailed, was on its side and was taking on water.Photo – Gwinnett County Fire and Emergency Services, Facebook

Following heavy rains stemming from Hurricane Delta, a CSX train derailed yesterday, causing a fire and hazmat situation outside Atlanta.

Two CSX employees were transported to a local hospital with minor injuries, according to a statement from Gwinnett County Fire and Emergency Services. 

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CSX issues annual sustainability report

Rail News Home CSX Transportation 8/3/2020 Rail News: CSX Transportation
image The report highlights the railroad's sustainability actions on safety, environment, people, communities and governance.Photo – CSX 2019 ESG report

CSX last week published its 2019 Environmental, Social and Governance (ESG) report, which highlights the railroad's sustainability actions on safety, environment, people, communities and governance.

The report addresses CSX's "record-setting" safety performance, achieving 2020 emissions reduction targets ahead of schedule, and CSX becoming the first Class I to operate at a fuel efficiency rate of less than one gallon of fuel per 1,000 gross ton miles for a quarter.

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CSX reports lower Q2 revenue across all markets

Rail News Home CSX Transportation 7/23/2020 Rail News: CSX Transportation
image CSX Corp. yesterday announced second-quarter net earnings and revenue declines, as the Class I faced lower economic activity due to the COVID-19 pandemic. The company posted net earnings of $499 million, or 65 cents per share, versus $870 million, or $1.08 per share, for the same period in 2019. Second-quarter revenue tumbled 26 percent year over year to $2.26 billion due to volume declines, an unfavorable mix, decreases in fuel recovery, declines in coal pricing and lower other revenue, CSX reported in its financial statement. Those decreases were partially offset by pricing gains in merchandising and intermodal. Operating income plummeted 37 percent to $828 million compared to $1.31 billion in the same quarter in 2019. Expenses fell 19 percent to $1.43 billion, impacted by volume-related reductions, lower fuel costs and continued efficiency gains. "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 President and Chief Executive Officer James Foote in a press release. CSX's operating ratio for the second quarter was 63.3 percent, up from 57.4 percent a year ago. In their presentation to analysts, CSX officials said all markets were negatively impacted by the economic effects of the pandemic. By market, quarterly revenue declined year over year by 10 percent in chemicals, 13 percent in agricultural and food products, 9 percent in minerals, 11 percent in forest products, 8 percent in fertilizers, 24 percent in metals and equipment, 72 percent in automotive, 48 percent in coal, 18 percent in intermodal and 19 percent in "other."    

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CSX named 'best place to work' for disability inclusion

Rail News Home CSX Transportation 7/20/2020 Rail News: CSX Transportation
image CSX has been recognized as one of the nation's best places to work by Disability:IN and the American Association of People with Disabilities (AAPD), the Class I announced last week. Receiving the award for the second consecutive year from those organizations is a testament to CSX's corporate values and commitment to diversity and inclusion, said CSX spokeswoman Sheriee Bowman in an email. First launched in 2015, the Disability Equality Index (DEI) is a comprehensive disability inclusion assessment tool designed and embraced by business leaders and disability advocates.
Developed by Disability:IN and the AAPD, the DEI enables the nation's leading corporations to self-report their disability policies and practices to be scored objectively by an independent panel.

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