CSX Corporation has reported 2017 first quarter net earnings of $362 million compared to $356 million in the same quarter of 2016. Earnings per share for the first quarter were $0.39 per share compared to $0.37 per share in the 2016 first quarter.
Revenue increased by 10 percent for the quarter with volume growth across most markets. A $173 million restructuring charge drove a 13 percent year-over-year increase in expenses for the first quarter. However, CSX delivered efficiency savings of $123 million.
"I am pleased to join the CSX team and working together we are going to make this company the best North American railroad, capable of consistently meeting and exceeding the expectations of our customers and our shareholders," stated E. Hunter Harrison, CSX president and CEO. "As the business environment continues to improve and we implement Precision Scheduled Railroading, CSX will realize these objectives while driving volume growth and achieving a new level of financial performance."