CSX’s full year 2018 operating ratio of 60.3 percent is a U.S. Class I railroad record.
CSX also announced the board has authorized $5 billion in share repurchases following the early completion of the existing $5 billion authorization.
“As I reflect back on this past year, this team of railroaders has proven they are capable of accomplishing amazing things,” said James M. Foote, president and chief executive officer. “We are entering 2019 on a new trajectory with significant opportunity to improve across all aspects of our business. I expect CSX to deliver even better service to our customers and drive significant shareholder value.”
Revenue for the fourth quarter increased 10 percent over the prior year to $3.14 billion, supported by increases in fuel recovery, broad-based volume growth, pricing gains, higher supplemental revenue and favorable mix. Expenses increased 9 percent year over year to $1.89 billion, or 2 percent when 2017 results are adjusted for the impacts of restructuring and tax reform benefits. This combination yielded adjusted operating income growth of 25 percent for the quarter to $1.25 billion compared to $998 million in the same period last year.
CSX executives will conduct a conference call with the investment community this afternoon, Jan. 16, at 4:30 p.m. Eastern Time.
Investors, media and the public may listen to the conference call by dialing 1-888-327-6279. For callers outside the U.S., dial 1-773-756-0199. Participants should dial in 10 minutes prior to the call and enter in 3276279 as the passcode.
In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company’s website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.
This earnings announcement, as well as additional detailed financial information, is contained in the CSX Quarterly Financial Report available through the company’s website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission.
— A CSX Corp. news release. Jan. 16, 2019.
Seems that the executive suite has forgotten that the customer can fire you at any given moment. You can only cut costs so far before the company starts to experience severe problems. Always better to expand the top line and service the daylights out of your customers and employees.
Fire employees, close facilities, alienate customers……and you have “precision railroading”……What a farce! In the end, it is not railroading but an attempt to kill a company.
So much for the current quarter. Now, looking a bit beyond the ends of our noses to the stats that count in the long run, how are the quality of service, growth/diversification of customer base, and customer satisfaction doing?
I read about investors, quarterly gains & op ratio. What is the result of customer satisfaction survey? Or isn’t that a concern anymore?
But did the trucking industry lose or gain business due to CSX’s operating ratio?
Easy to do if you cut back on capex and maintenance. Ask any experienced railroad ops guy.