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CSX Corp. yesterday announced decreases in first-quarter 2021 revenue and net income compared with the same period a year ago due to difficult operating conditions during the quarter.
The Class I posted Q1 net earnings of $706 million, or 93 cents per share, compared with $770 million, or $1 per share in the same period last year. Revenue for the quarter decreased 1% to $2.81 billion, as intermodal and other revenue growth was more than offset by declines in merchandise, coal and fuel surcharge revenue.
Expenses rose 2% year over year to $1.7 billion and operating income fell 7% to $1.1 billion.
The railroad's Q1 operating ratio increased to 60.9% from 58.7% a year earlier, reflecting a spike in COVID-19 cases early in the quarter, winter storm impacts and fuel surcharge timing lag.
"Looking forward, the strengthening economic momentum is providing added visibility into volume growth, and we are taking the necessary steps to ensure we are ready to handle these volumes and provide our customers with an industry-leading service product," said President and Chief Executive Officer James Foote in a press release.
CSX’s slide presentation outlining the company's Q1 performance is available here.