CSX Corp. reported first-quarter 2021 net earnings of $706 million, down from $770 million in the same period last year.
First-quarter revenue decreased 1 percent from a year earlier to $2.81 billion. Intermodal and other revenue growth were offset by declines in merchandise, coal and fuel surcharge revenues.
Meanwhile, expenses increased 2 percent year over year to $1.71 billion, while operating income declined 7 percent for the quarter to $1.10 billion.
“I am extremely proud of how our team of railroaders handled the challenges presented by the difficult operating conditions this quarter,” James M. Foote, president and chief executive officer, said in a news release. “Looking forward, the strengthening economic momentum is providing added visibility into volume growth, and we are taking the necessary steps to ensure we are ready to handle these volumes and provide our customers with an industry-leading service product.”