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CSX CORPORATION

(CSX)
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CSX : Financial Report PDF 690 KB

07/21/2021 | 04:08pm EDT

CSX Announces Second Quarter EPS of $0.52, Including $0.12 Benefit from Sale of Property Rights to

the Commonwealth of Virginia

JACKSONVILLE, Fla. - July 21, 2021 - CSX Corp. (NASDAQ: CSX) today announced second quarter 2021 net earnings of $1,173 million, or $0.52 per share, compared to $499 million, or $0.22 per share in the same period last year. Second quarter 2021 operating ratio was 43.4% compared to 63.3% in the prior year period.

These results include benefits from the sale of certain property rights in CSX-owned line segments to the Commonwealth of Virginia for passenger rail operations. The transaction favorably impacted operating income by $349 million, operating ratio by 11.7 percentage points, and earnings per share by $0.12.

"I want to thank all the CSX railroaders for their dedicated and unwavering focus on our customers as the economy has rebounded," said James M. Foote, president and chief executive officer. "We are committed to providing customers a high quality service product, and will continue taking all necessary steps to meet their needs."

Revenue for the second quarter increased 33 percent from the prior year to $2.99 billion, driven by growth across all lines of business. Expenses decreased 9 percent year over year to $1.30 billion and operating income improved to $1.69 billion for the quarter.

CSX executives will conduct a conference call with the investment community this afternoon, July 21, 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 6543939 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.

Table of Contents

The accompanying unaudited

CSX CORPORATION

CONTACTS:

financial information should be

500 Water Street, C900

INVESTOR RELATIONS

Consolidated Financial Statements

.......p.3

read in conjunction with the

Jacksonville, FL 32202

Bill Slater

Operating Statistics..............................

p. 10

Company's most recent

www.csx.com

(904) 359-1334

Non-GAAP Measures...........................

p. 11

Annual Report on Form 10-K,

MEDIA

Quarterly Reports on Form 10-Q, and

Bryan Tucker

any Current Reports on Form 8-K.

(855) 955-6397

1

About CSX and its Disclosures

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.

This announcement, as well as additional financial information, is available on the company's website at http:// investors.csx.com. CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on Twitter (http://twitter.com/CSX) and on Facebook (http://www.facebook.com/OfficialCSX). The social media channels used by CSX may be updated from time to time. More information about CSX Corporation and its subsidiaries is available at www.csx.com.

Non-GAAP Disclosure

CSX reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). CSX also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, CSX's non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP.

Forward-looking Statements

This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as "will," "should," "believe," "expect," "anticipate," "project," "estimate," "preliminary" and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward- looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

2

CSX Corporation

CONSOLIDATED INCOME STATEMENTS (Unaudited)

(Dollars in millions, except per share amounts)

Quarters Ended

Jun. 30, Jun. 30, $ %

2021 2020 Change Change

Six Months Ended

Jun. 30, Jun. 30, $ %

2021 2020 Change Change

Revenue

$

2,990

$

2,255

$

735

33 %

$

5,803

$

5,110

$

693

14 %

Expense

Labor and Fringe

596

507

(89)

(18)

1,216

1,113

(103)

(9)

Materials, Supplies and Other

441

418

(23)

(6)

913

890

(23)

(3)

Depreciation

348

344

(4)

(1)

693

688

(5)

(1)

Fuel

194

91

(103)

(113)

384

283

(101)

(36)

Equipment and Other Rents

87

78

(9)

(12)

175

159

(16)

(10)

Gains on Property Dispositions(a)

(367)

(11)

356

NM

(370)

(29)

341

NM

Total Expense

1,299

1,427

128

9

3,011

3,104

93

3

Operating Income

1,691

828

863

104

2,792

2,006

786

39

Interest Expense

(181)

(191)

10

5

(365)

(378)

13

3

Other Income - Net

20

15

5

33

40

37

3

8

Earnings Before Income Taxes

1,530

652

878

135

2,467

1,665

802

48

Income Tax Expense (b)

(357)

(153)

(204)

(133)

(588)

(396)

(192)

(48)

Net Earnings

$

1,173

$

499

$

674

135 %

$

1,879

$

1,269

$

610

48 %

Operating Ratio

43.4 %

63.3 %

51.9 %

60.7 %

Per Common Share

Net Earnings Per Share, Assuming

$

0.52

$

0.22

$

0.30

136 %

$

0.82

$

0.55

$

0.27

49 %

Dilution (c)

Average Shares Outstanding, Assuming

2,275

2,301

2,281

2,311

Dilution (Millions) (c)

NM - not meaningful

All prior period share and per share data has been retroactively adjusted to reflect the stock split effective June 28, 2021.

3

CSX Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

Jun. 30, 2021

Dec. 31, 2020

ASSETS

Cash and Cash Equivalents

$

2,986

$

3,129

Short-Term Investments

4

2

Other Current Assets

1,583

1,310

Properties - Net

32,486

32,444

Investment in Affiliates and Other Companies

2,033

1,985

Other Long-Term Assets

923

923

Total Assets

$

40,015

$

39,793

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Maturities of Long-Term Debt

$

122

$

401

Other Current Liabilities

1,829

1,618

Long-Term Debt

16,229

16,304

Deferred Income Taxes - Net

7,248

7,168

Other Long-Term Liabilities

1,153

1,192

Total Liabilities

26,581

26,683

Total Shareholders' Equity

13,434

13,110

Total Liabilities and Shareholders' Equity

$

40,015

$

39,793

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CSX Corporation published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 20:07:09 UTC.


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Net income 2021 3 598 M - -
Net Debt 2021 13 738 M - -
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EV / Sales 2021 6,75x
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Nbr of Employees 19 000
Free-Float 99,9%
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Technical analysis trends CSX CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 30,31 $
Average target price 35,96 $
Spread / Average Target 18,6%
EPS Revisions
Managers and Directors
James M. Foote President, Chief Executive Officer & Director
Sean R. Pelkey Chief Financial Officer & Vice President
John J. Zillmer Non-Executive Chairman
Ricky E. Johnson Senior Vice President-Engineering & Mechanical
Kathleen Brandt Chief Information Officer & Senior Vice President