CSX’s revenues up 7 percent in 2018

The Class I railway posted a full-year net income of $3.31 billion on revenues of $12.25 billion.    CSX, the first of the seven Class I railways to release its 2018 financial results, posted full-year net earnings of $3.31 billion, down 40 percent from 2017, when net earnings clocked in at $5.47 billion, according to its financial statements released Wednesday.
   However, CSX’s 2017 earnings were boosted by a $2.33 billion income tax benefit.
   The Jacksonville, Fla.-based railway’s earnings before income taxes for 2018 totaled $4.3 billion, up 37 percent from 2017.
   Meanwhile, CSX’s revenues for 2018 reached $12.25 billion, up 7 percent year-over-year.
   Volumes for the year inched up 1 percent from 2017, while revenue per unit rose 6 percent.
   CSX also managed to increase train velocity and decrease dwell time compared to 2017, with train velocity increasing 19 percent to 17.9 miles per hour, while dwell time was reduced 15 percent to 9.6 hours.
   Additionally, CSX’s recorded an on-time arrival rate of 60 percent in 2018, up from an on-time arrival rate of 56 percent in 2017.
   CSX closed out 2018 with 22,475 employees, 6.4 percent lower than a year earlier.
   CSX also announced Wednesday its board authorized $5 billion in share repurchases.
   Looking ahead, CSX President and CEO James Foote said on the company’s earnings call that he expects 2019 revenue improvement to be in the low single digits.