CSX Corp. today reported fourth-quarter 2024 operating income of $1.11 billion that fell compared to $1.32 billion in the prior year period.
Revenue totaled $3.54 billion for the quarter, off 4% year over year as declines in fuel surcharge and coal revenue offset higher pricing, merchandise volume and volume growth in intermodal.
Net income was $733 million, or $0.38 per diluted share, compared to $882 million, or $0.45 per diluted share, in the same period a year ago. Fourth-quarter results for Jacksonville-based CSX (NASDAQ: CSX) include a pre-tax, non-cash goodwill impairment charge of $108 million.
Total volume of 1.58 million units for the quarter was 1% higher compared to the fourth quarter of 2023.
For the full year 2024, operating income of $5.25 billion was down 5% from the previous year. Net income for the year was $3.47 billion, or $1.79 per share, compared to $3.67 billion, or $1.82 per share, in 2023.
Adjusted for the goodwill impairment charge, operating income was $1.21 billion for the quarter and $5.35 billion for the year. Adjusted net income was $815 million, or $0.42 per diluted share, for the quarter and $3.55 billion, or $1.83 per diluted share, for the full year.
“While 2024 had its challenges, I am proud of how the ONE CSX team responded. We managed through substantial impacts from major hurricanes and the Key Bridge outage early in the year and remained focused on delivering industry-leading customer satisfaction,” said Joe Hinrichs, president and chief executive officer, in a release. “We will remain disciplined in delivering safety, service, and operating efficiency performance as we invest in the strength and capabilities of our network this year, and we look forward to delivering on the profitable growth opportunities ahead of us.”
Find more articles by Stuart Chirls here.
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