CSX Corp. yesterday reported fourth-quarter 2022 revenue rose 9% to $3.7 billion, while operating income climbed 7% to $1.46 billion compared with the same quarter in 2021.
The Class I's net earnings increased 9% to $1 billion, or 49 cents per diluted share, from $934 million, or 42 cents per diluted share, in the previous year’s fourth quarter.
CSX attributed its revenue growth to higher fuel surcharges, pricing gains and an increase in storage and other revenue. Severe winter weather in late December 2022 "modestly" reduced volumes and revenue for the quarter, CSX officials said in a press release.
CSX's operating ratio for the quarter was 60.9% compared to 60.1% in Q4 2021.
For full-year 2022, CSX posted $14.9 billion in revenue, a 19% increase, and operating income of $6 billion, an 8% increase over 2021. The 2022 operating income included $144 million in gains from property sales recognized from a 2021 agreement with the commonwealth of Virginia.
Net earnings in 2022 totaled $4.17 billion, or $1.95 per share, compared to $3.78 billion, or $1.68 per share, in 2021. CSX recorded an operating ratio of 59.5% for the full year compared to 55.3% in 2021.
The company made "great progress this quarter, delivering strong earnings as our network performance continued to gain momentum," said President and CEO Joe Hinrichs.
"With the right resources now coming into place, we can turn our full attention to the opportunities ahead in 2023 and beyond," Hinrichs said. "Going into the new year, our entire company remains focused on providing exceptional customer service that will enable us to win share from trucks and drive profitable growth over the long term."Railroad News
Jan
26
Jan
26
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CSX Transportation
1/26/2023
Rail News: CSX Transportation
CSX Corp. yesterday reported fourth-quarter 2022 revenue rose 9% to $3.7 billion, while operating income climbed 7% to $1.46 billion compared with the same quarter in 2021.
The Class I's net earnings increased 9% to $1 billion, or 49 cents per diluted share, from $934 million, or 42 cents per diluted share, in the previous year’s fourth quarter.
CSX attributed its revenue growth to higher fuel surcharges, pricing gains and an increase in storage and other revenue. Severe winter weather in late December 2022 "modestly" reduced volumes and revenue for the quarter, CSX officials said in a press release.
CSX's operating ratio for the quarter was 60.9% compared to 60.1% in Q4 2021.
For full-year 2022, CSX posted $14.9 billion in revenue, a 19% increase, and operating income of $6 billion, an 8% increase over 2021. The 2022 operating income included $144 million in gains from property sales recognized from a 2021 agreement with the commonwealth of Virginia.
Net earnings in 2022 totaled $4.17 billion, or $1.95 per share, compared to $3.78 billion, or $1.68 per share, in 2021. CSX recorded an operating ratio of 59.5% for the full year compared to 55.3% in 2021.
The company made "great progress this quarter, delivering strong earnings as our network performance continued to gain momentum," said President and CEO Joe Hinrichs.
"With the right resources now coming into place, we can turn our full attention to the opportunities ahead in 2023 and beyond," Hinrichs said. "Going into the new year, our entire company remains focused on providing exceptional customer service that will enable us to win share from trucks and drive profitable growth over the long term."
CSX Corp. yesterday reported fourth-quarter 2022 revenue rose 9% to $3.7 billion, while operating income climbed 7% to $1.46 billion compared with the same quarter in 2021.
The Class I's net earnings increased 9% to $1 billion, or 49 cents per diluted share, from $934 million, or 42 cents per diluted share, in the previous year’s fourth quarter.
CSX attributed its revenue growth to higher fuel surcharges, pricing gains and an increase in storage and other revenue. Severe winter weather in late December 2022 "modestly" reduced volumes and revenue for the quarter, CSX officials said in a press release.
CSX's operating ratio for the quarter was 60.9% compared to 60.1% in Q4 2021.
For full-year 2022, CSX posted $14.9 billion in revenue, a 19% increase, and operating income of $6 billion, an 8% increase over 2021. The 2022 operating income included $144 million in gains from property sales recognized from a 2021 agreement with the commonwealth of Virginia.
Net earnings in 2022 totaled $4.17 billion, or $1.95 per share, compared to $3.78 billion, or $1.68 per share, in 2021. CSX recorded an operating ratio of 59.5% for the full year compared to 55.3% in 2021.
The company made "great progress this quarter, delivering strong earnings as our network performance continued to gain momentum," said President and CEO Joe Hinrichs.
"With the right resources now coming into place, we can turn our full attention to the opportunities ahead in 2023 and beyond," Hinrichs said. "Going into the new year, our entire company remains focused on providing exceptional customer service that will enable us to win share from trucks and drive profitable growth over the long term."
Jan
25
Jan
25
Rail News Home
Canadian National Railway - CN
1/25/2023
Rail News: Canadian National Railway - CN
CN reported fourth-quarter 2022 revenue rose 21% to CA$4.5 billion, while operating income climbed 22% (or 21% on an adjusted basis) to CA$1.9 billion compared with the same quarter in 2021, the Class I announced yesterday.
The railroad reported diluted earnings per share (EPS) of CA$2.10, a 24% increase and a 23% increase on an adjusted basis. The Class I logged an operating ratio of 57.9%, an improvement of 0.4 points or flat on an adjusted basis, company officials said in a press release.
CN attributed the increase in revenue mainly to higher fuel surcharge revenue as a result of higher fuel prices, the positive translation impact of a weaker Canadian dollar, freight rate increases and higher volumes of Canadian grain.
The company also reported for Q4 2022 compared with Q4 2021: Fuel efficiency improved by 1%; car velocity improved by 10%; through network train speed (mph) improved by 1%; through dwell hours improved by 9%; and train length decreased by 7%.
For full-year 2022 compared with 2021 results, CN reported revenue increased 18% to CA$17.1 billion; operating income rose 22% to CA$6.8 billion; and the diluted EPS climbed 8% to CA$7.44. The operating ratio in 2022 fell to 60% compared to 61.2% in 2021.
"I am very proud of the work accomplished by our team in the fourth quarter and throughout the year," said CN President and CEO Tracy Robinson. "Our approach to scheduled railroading improved our service to our customers, drove operational efficiency and built the resiliency that enabled a rapid recovery during the extreme winter conditions late in the quarter."
In 2023, the company’s "back-to-basics strategy and disciplined operating model will continue to deliver despite the softening economy," Robinson added.
CN reported fourth-quarter 2022 revenue rose 21% to CA$4.5 billion, while operating income climbed 22% (or 21% on an adjusted basis) to CA$1.9 billion compared with the same quarter in 2021, the Class I announced yesterday.
The railroad reported diluted earnings per share (EPS) of CA$2.10, a 24% increase and a 23% increase on an adjusted basis. The Class I logged an operating ratio of 57.9%, an improvement of 0.4 points or flat on an adjusted basis, company officials said in a press release.
CN attributed the increase in revenue mainly to higher fuel surcharge revenue as a result of higher fuel prices, the positive translation impact of a weaker Canadian dollar, freight rate increases and higher volumes of Canadian grain.
The company also reported for Q4 2022 compared with Q4 2021: Fuel efficiency improved by 1%; car velocity improved by 10%; through network train speed (mph) improved by 1%; through dwell hours improved by 9%; and train length decreased by 7%.
For full-year 2022 compared with 2021 results, CN reported revenue increased 18% to CA$17.1 billion; operating income rose 22% to CA$6.8 billion; and the diluted EPS climbed 8% to CA$7.44. The operating ratio in 2022 fell to 60% compared to 61.2% in 2021.
"I am very proud of the work accomplished by our team in the fourth quarter and throughout the year," said CN President and CEO Tracy Robinson. "Our approach to scheduled railroading improved our service to our customers, drove operational efficiency and built the resiliency that enabled a rapid recovery during the extreme winter conditions late in the quarter."
In 2023, the company’s "back-to-basics strategy and disciplined operating model will continue to deliver despite the softening economy," Robinson added.
Jan
25
Rail News Home
Norfolk Southern Railway
1/25/2023
Rail News: Norfolk Southern Railway
Norfolk Southern Corp. today reported fourth-quarter 2022 railway operating revenue of $3.2 billion, a 13% increase, and railway operating income of $1.2 billion, a 5% increase compared with fourth-quarter 2021 financial results.
NS marked fourth-quarter and annual records for railway operating revenue and income from railway operations, company officials said in a press release.
Diluted earnings per share were $3.42, up 10% compared with Q4 2021. Operating expenses in the quarter increased 19% to $2.1 billion compared with the same 2021 period due to higher fuel prices, increased claims costs and higher compensation and benefits, NS officials said.
For the full year:
• Railway operating revenue reached a record $12.7 billion, up 14%, or $1.6 billion, compared with 2021, driven by an 18% increase in revenue per unit;
• Railway operating expenses were $7.9 billion, an increase of 19% compared with the same period last year, driven by higher fuel prices, inflation, network congestion and higher compensation and benefits;
• Income from railway operations was $4.8 billion, up 8%, or $362 million year over year, an annual record; and
• Diluted earnings per share were $13.88, up 15%, or $1.77, compared with 2021. "In the fourth quarter and throughout 2022, Norfolk Southern made significant progress in our financial performance, service improvement and engagement with our craft team members," said President and CEO Alan Shaw. "Our team delivered double-digit percentage growth in revenue as well as earnings per share and achieved record revenue and operating income for the year. We also outlined a bold new strategic plan to create long-term shareholder value and a pathway for future growth."
Norfolk Southern Corp. today reported fourth-quarter 2022 railway operating revenue of $3.2 billion, a 13% increase, and railway operating income of $1.2 billion, a 5% increase compared with fourth-quarter 2021 financial results.
NS marked fourth-quarter and annual records for railway operating revenue and income from railway operations, company officials said in a press release.
Diluted earnings per share were $3.42, up 10% compared with Q4 2021. Operating expenses in the quarter increased 19% to $2.1 billion compared with the same 2021 period due to higher fuel prices, increased claims costs and higher compensation and benefits, NS officials said.
For the full year:
• Railway operating revenue reached a record $12.7 billion, up 14%, or $1.6 billion, compared with 2021, driven by an 18% increase in revenue per unit;• Railway operating expenses were $7.9 billion, an increase of 19% compared with the same period last year, driven by higher fuel prices, inflation, network congestion and higher compensation and benefits;
• Income from railway operations was $4.8 billion, up 8%, or $362 million year over year, an annual record; and
• Diluted earnings per share were $13.88, up 15%, or $1.77, compared with 2021. "In the fourth quarter and throughout 2022, Norfolk Southern made significant progress in our financial performance, service improvement and engagement with our craft team members," said President and CEO Alan Shaw. "Our team delivered double-digit percentage growth in revenue as well as earnings per share and achieved record revenue and operating income for the year. We also outlined a bold new strategic plan to create long-term shareholder value and a pathway for future growth."
Jan
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Jan
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Union Pacific Railroad reported fourth-quarter 2022 operating revenue of $6.2 billion, up 8%, and operating income of $2.4 billion, down 1% compared with fourth-quarter 2021 results.
The Class I’s net income totaled $1.6 billion, or $2.67 per diluted share, for Q4 2022, compared with $1.7 billion, or $2.66 per diluted share, a year ago.
Jan
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