CSX Corporation has reported 2017 second quarter net earnings of $510 million compared to $445 million in the same quarter of 2016. Earnings per share for the second quarter were $0.55 per share compared to $0.47 per share in the 2016 second quarter. Excluding a $122 million restructuring charge in this year’s second quarter results, adjusted earnings per share was $0.64.
Revenue increased by 8 percent for the quarter with volume growth primarily driven by coal-related gains, strength in core pricing, volume across the other markets and increased fuel recovery.
“We are implementing Precision Scheduled Railroading on an expedited timetable, converting switching operations, balancing the network, streamlining resources and getting more out of our assets,” stated E. Hunter Harrison, CSX president and CEO. “Although there still remains a lot to be done, we are confident that these initiatives will drive improved customer service, greater resource efficiency and superior shareholder value.”
For the full year, CSX expects to drive a full-year operating ratio in the mid-60s, earnings per share growth of around 25 percent off the 2016 reported base of $1.81, and free cash flow before dividends of around $1.5 billion.