SA: CSX EPS in-line, misses on revenue

© Jonathan Weiss

SEEKING ALPHA reports:

– CSX (NASDAQ:CSX): Q2 GAAP EPS of $0.65 in-line.

– Revenue of $2.26B (-26.1% Y/Y) misses by $40M.

– Operating ratio of 63.3% vs. consensus of 63.4%.

The earnings call presentation can be found here.

PRESS RELEASE

CSX Corp. (NASDAQ: CSX) today announced second quarter 2020 net earnings of $499 million, or $0.65 per share, versus $870 million, or $1.08 per share in the same period last year.

“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 James M. Foote, president and chief executive officer. “Their tireless efforts reflect our commitment to being the best run railroad in North America and ensure CSX will emerge from this unprecedented period an even stronger company than before.”

Revenue for the second quarter decreased 26 percent over the prior year to $2.26 billion, primarily due to the lower economic activity driven by the COVID-19 pandemic. Expenses decreased 19 percent year over year to $1.43 billion, driven by volume-related reductions and continued efficiency gains. Operating income declined 37 percent for the quarter to $828 million compared to $1.31 billion in the same period last year.

To read the full release, please click here.

After hours (stock price): $71.92, −$1.34 (-1.83%).