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CSX Corporation (NASDAQ: CSX) reported second-quarter revenue growth of 28% year-over-year to $3.82 billion, beating the consensus of $3.65 billion.
The increase reflects higher revenue in nearly all markets driven by pricing gains, fuel surcharge, and the addition of Quality Carriers.
Q2 total volume was flat, and revenue per unit increased by 27% to $2,393.
EPS improved to $0.54 from $0.52 in 2Q21, above the consensus of $0.47.
Operating income increased by 12% Y/Y to $1.7 billion, and margin contracted to 44.6% from 56.6%.
The operating ratio increased to 55.4% for the quarter, from 43.4% a year ago.
CSX’s net cash provided by operating activities year-to-date totaled $2.53 billion, compared to $2.4 billion in 2Q21. It has cash and cash equivalents of $724 million at the end of the quarter.
In Q2, velocity decreased by 15%, and dwell increased by 12% versus the prior year. Carload trip plan performance decreased by 14%, while intermodal trip plan performance improved by 1%.
The Company expects operating metrics to improve commensurate with hiring and training.
CSX’s for FY22 is still targeting full-year double-digit revenue and operating income growth, excluding impacts from the Virginia real estate transaction, and expects the full-year capital expenditure target of ~$2 billion.
Price Action: CSX shares are trading higher by 4.81% at $31.16 during the post-market session on Wednesday.
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