CSX Corp. recently announced first quarter 2017 net earnings of $362 million, up from $356 million during the same period of last year.
Revenue for the quarter increased 10 percent, reflecting volume growth across most markets, overall core pricing gains, increased fuel recovery, and favorable mix, the company said in a news release. Although the $173 million restructuring charge drove a 13 percent year-over-year increase in expenses for the first quarter, the company said it delivered strong efficiency savings of $123 million.
Looking forward, CSX said it is making adjustments throughout the company to improve asset utilization, achieve greater operations efficiency and reduce its cost structure.
“I am pleased to join the CSX team and working together we are going to make this company the best North American railroad, capable of consistently meeting and exceeding the expectations of our customers and our shareholders,” E. Hunter Harrison, president and chief executive officer, said in a news release. “As the business environment continues to improve and we implement Precision Scheduled Railroading, CSX will realize these objectives while driving volume growth and achieving a new level of financial performance.”
Results exclude a $173 million restructuring charge in the company’s first quarter results.