CSX Corp. today announced first quarter 2022 net earnings of $859 million compared to $706 million in the same period last year.
First quarter 2022 operating income was $1.28 billion compared to $1.10 billion in the prior year period.
“We delivered a solid quarter thanks to the strong efforts of CSX’s railroaders,” James M. Foote, president and chief executive officer, said in a release. “Our market environment continues to be supportive, and we expect our hard work to deliver improved fluidity across our network over the rest of the year while positioning us to capture opportunities for future growth.”
First quarter financial highlights, according to the company, include:
- Revenue reached $3.41 billion for the quarter, increasing 21% year-over-year, as an overall revenue-per-unit increase of 24% more than offset a 2% decline in volume.
- Operating income of $1.28 billion increased 16% compared to the prior year. Operating ratio increased by 150 basis points to 62.4%, including the impacts of the acquisition of Quality Carriers and higher fuel prices.
- First quarter operating income included $17 million of expense related to increases in environmental reserves and a $20 million gain from property sales recognized from the 2021 transaction with the Commonwealth of Virginia.
- Diluted EPS of $0.39 increased 26% from $0.31 for the first quarter of 2021.