CSX Corporation has reported 2016 third quarter net earnings of $455 million compared to $507 million in the same quarter of 2015. Earnings per share were down to $0.48 per share from $0.52 per share in the 2015 third quarter.
Revenue for the quarter declined 8 percent, consistent with volume declines of 8 percent overall, including coal volume declines of 21 percent.
“CSX continues to drive strong cost performance and efficiency in this dynamic market environment while meeting or exceeding customer expectations,” stated CSX Chairman and CEO Michael J. Ward. “Our financial results demonstrate CSX’s ability to deliver value for shareholders and customers in the current business climate as we position the company to maximize opportunities in 2017 and beyond.”
Expenses for the quarter improved 7 percent, driven by $112 million of efficiency gains and $53 million of volume-related cost reductions.
The company has recorded an operating income of $841 million, a decrease of 10 percent over the same period last year. The 2016 third quarter operating ratio increased 70 basis points to 69 percent.
CSX is positioning itself to maximize shareholder value by leveraging network improvements, technology enhancements and superior service to capture growth opportunities and achieve a mid-60s operating ratio longer term.