CSX Corp. [this week] 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.
CSX executives will conduct a conference call with the investment community this afternoon, July 22, at 4:30 p.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-833-968-2260. For callers outside the U.S., dial 1-778-560-2704. Participants should dial in 10 minutes prior to the call and enter in 5393137 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, a webcast 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.