Financial Performance - Revenue decreased by $116 million, or 3%, year over year, totaling $3.699 billion in Q2 2023[100] - Operating income of $1.5 billion decreased by $221 million, or 13%, year over year[100] - Earnings per diluted share decreased by $0.05, or 9%, to $0.49[100] - Total expenses increased by $105 million, or 5%, year over year, reaching $2.217 billion[113] - Other revenue decreased by $55 million, mainly from lower intermodal storage and equipment usage[111] - Income tax expense decreased by $64 million due to lower earnings before income taxes[117] - Free cash flow before dividends decreased to $1,503 million in the first half of 2023, down from $1,748 million in 2022, primarily due to higher property additions and less cash from operating activities[123] Operational Metrics - Intermodal volume decreased by 10% due to reduced international shipments and a softening truck market[108] - Coal volume increased due to higher shipments of metallurgical and thermal coal, while domestic coal shipments decreased[110] - Merchandise volume increased in categories such as Automotive (21% increase) and Minerals (6% increase) but decreased in Chemicals (4% decrease) and Forest Products (3% decrease)[104] - Train velocity increased by 16% to 17.7 miles per hour in Q2 2023 compared to 15.3 miles per hour in Q2 2022[128] - Dwell time improved by 21% to 9.3 hours in Q2 2023 from 11.8 hours in Q2 2022[128] - Carload trip plan performance rose to 84% in Q2 2023, up from 59% in Q2 2022[128] - Intermodal trip plan performance increased to 96% in Q2 2023, compared to 90% in Q2 2022[128] - Total revenue ton-miles increased to 48.5 billion in Q2 2023, up from 48.2 billion in Q2 2022, reflecting a 1% improvement[128] - Total gross ton-miles reached 95.7 billion in Q2 2023, compared to 95.0 billion in Q2 2022, also a 1% increase[128] Financial Costs - Interest expense increased by $30 million primarily due to higher average debt balances and interest rates[115] Safety Metrics - The FRA train accident rate decreased by 16% to 3.25 in Q2 2023 from 3.87 in Q2 2022[128] - The personal injury frequency index improved by 24% to 0.81 in Q2 2023, down from 1.07 in Q2 2022[128] Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2023, was $2,483 million, which includes $238 million in payments related to finalized labor agreements[124]

CSX Corporation (NASDAQ:CSX) UBS Global Industrials and Transportation Conference June 6, 2023 8:50 AM ET Company Participants Kevin Boone - Executive Vice President of Sales and Marketing Conference Call Participants Tom Wadewitz - UBS Tom Wadewitz All right. Good morning, everyone. My name is Tom Wadewitz. I cover the freight transports for UBS. It's a pleasure for me to welcome you to the conference. And also to have CSX with us today, we have Kevin Boone, who's head of marketing for CSX and looking forw ...

CSX Corporation (NASDAQ:CSX) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 1, 2023 11:00 AM ET Company Participants Joe Hinrichs - President and Chief Executive Officer Matt Korn - Investor Relations Conference Call Participants David Vernon - Bernstein David Vernon All right, good morning, and welcome everyone to our third session of Day 2 of Bernstein's 39th Annual Strategic Decisions Conference. My name is David Vernon. I cover transports and airlines for Bernstein. A privilege to have ...

Summary of CSX Corp Conference Call Company Overview - **Company**: CSX Corp (NASDAQ:CSX) - **Event**: Wolfe Research 16th Annual Global Transportation & Industrials Conference - **Date**: May 24, 2023 - **Participants**: Joseph Hinrichs (President, CEO & Director), Scott Group (Wolfe Research) Key Points Industry and Market Conditions - **Railroad Industry Attention**: The railroad industry has gained significant attention recently, contrasting with its previous lower profile compared to the auto industry [3] - **Service Metrics**: CSX reported its best-ever service metrics in Q1 2023, continuing into Q2, with third-party endorsements confirming improved service levels [3][4] - **Intermodal Business**: The intermodal business has seen a decline of double digits year-to-date, particularly in international intermodal shipments, although there are expectations for improvement in the second half of the year [4][5] - **Merchandise Business**: The merchandise segment is performing well, with a 4% increase year-over-year, driven by coal, automotive, metals, and aggregates [10][11] Financial Performance - **Volume Trends**: Overall volumes are down 2-3% at the start of Q2, with intermodal softer than expected but merchandise stronger [9][10] - **Pricing Environment**: The pricing environment remains positive, with expectations for continued strength due to improved service levels and successful contract negotiations [18][19] - **Revenue per Unit Growth**: Positive revenue per unit growth is primarily attributed to the merchandise side, despite some softness in chemicals [16][19] Operational Insights - **Service Consistency**: The focus is on maintaining service consistency and predictability, which is crucial for customer confidence [33] - **Headcount Management**: CSX is hiring to reach a target of 7,400 employees, with a focus on maintaining network fluidity [31][34] - **Volume Recovery Strategy**: CSX aims for a gradual volume recovery to avoid operational disruptions, emphasizing the importance of maintaining service levels during volume increases [41][43] Future Outlook - **Growth Opportunities**: CSX sees potential for growth through industrial development, particularly in the Southeast, and the acquisition of Pan Am, which is expected to enhance service capabilities [52][54] - **Margin Improvement**: There is no fundamental reason to expect margins to decline with growth; incremental margins are expected to remain strong [56] - **Capital Expenditure**: CSX does not foresee significant increases in capital expenditures relative to revenue, focusing on quality investments [60] Regulatory Environment - **Safety Legislation**: CSX is actively engaged in discussions regarding safety legislation, expressing concerns over certain provisions while supporting others that enhance safety [63][66] Employee Relations - **Workforce Engagement**: CSX is focused on improving employee relations and retention, recognizing the importance of a motivated workforce in delivering service excellence [48][50] Additional Insights - **Service Improvement**: The operational discipline and focus on service metrics are seen as key to maintaining service levels even with increased volumes [37][39] - **Market Positioning**: CSX is leveraging its improved service levels to build trust with customers and explore growth opportunities [54] This summary encapsulates the key insights and discussions from the CSX Corp conference call, highlighting the company's current performance, market conditions, and strategic outlook.

CSX Corporation (NASDAQ:CSX) Bank of America Transportation, Airlines and Industrials Conference Call May 18, 2023 8:00 AM ET Company Participants Kevin Boone - EVP, Sales & Marketing Conference Call Participants Ken Hoexter - Bank of America Ken Hoexter We are here in Boston for our 30th Annual Transport Conference, the Rail Air Transport, Airlines And Industrial Conference. To open our conference we welcome CSX and Kevin Boone, EVP of Sales and Marketing, a position he has held at CSX since June of 2021 a ...

CSX Corp (NASDAQ:CSX) Q1 2023 Earnings Conference Call April 20, 2023 4:30 PM ET Company Participants Matthew Korn - Head, Investor Relations Joseph Hinrichs - President, CEO & Director Jamie Boychuk - EVP, Operations Kevin Boone - EVP and Chief, Sales & Marketing Sean Pelkey - EVP & CFO Conference Call Participants Brian Ossenbeck - JPMorgan Chase & Co. Kenneth Hoexter - Bank of America Merrill Lynch Jonathan Chappell - Evercore ISI Fadi Chamoun - BMO Capital Markets Justin Long - Stephens Inc. Brandon Ogl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (☒) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR (☐) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 1-8022 CSX CORPORATION (Exact name of registrant as specified in its charter) Virginia 62-1051971 (State or other jur ...

CSX Corp (NASDAQ:CSX) JPMorgan 2023 Industrials March 15, 2023 8:00 AM ET Company Participants Sean Pelkey - EVP & CFO Conference Call Participants Brian Ossenbeck - JPMorgan Chase & Co. Brian Ossenbeck Good morning. Thank you all for joining us here on Day 2 of the transport track of the JPMorgan Industrial Conference. I'm Brian Ossenbeck, I cover the group for the bank. Very happy to kick off Day 2 here with CSX and CFO, Sean Pelkey, also have Matt Korn and the audience from IR. So Sean's got some slides, ...

CSX Corporation (NASDAQ:CSX) Barclays Industrial Select Conference February 23, 2023 8:00 AM ET Company Participants Joe Hinrichs - President and CEO Conference Call Participants Brandon Oglenski - Barclays Brandon Oglenski Okay. Good morning. I'm Brandon Oglenski, airline and transport analyst here at Barclays, and welcome to day two of our 40th Annual Industrial Select Conference. Happy to have everyone here in Miami Beach. I'm very happy to be kicking off today with CSX and joining us from CSX, Joe Hinri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (☒) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR (☐) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 1-8022 CSX CORPORATION (Exact name of registrant as specified in its charter) Virginia 62-1051971 (State or other jurisdic ...