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CSX yesterday announced first-quarter 2022 net earnings of $859 million, or 39 cents per share, compared to $706 million, or 31 cents per share, in the same period last year.
First-quarter operating income totaled $1.28 billion compared to $1.1 billion in the prior year. Revenue rose 21% to $3.41 billion, as an overall revenue-per-unit increase of 24% more than offset a 2% decline in volume, CSX officials said in a press release.
The Class I's operating ratio climbed 150 basis points to 62.4%, including the impacts of the Quality Carriers acquisition and higher fuel prices.
Operating income included $17 million of expenses related to increases in environmental reserves and a $20 million gain from property sales recognized from the 2021 transaction with Virginia.
CSX President and CEO James Foote described the railroad's Q1 performance as "strong."
"Our market environment continues to be supportive, and we expect our hard work to deliver improved fluidity across our network over the rest of the year while positioning us to capture opportunities for future growth," Foote said in a press release.
Although pleased with the quarter's results, the company is not yet satisfied with its performance, Foote said in a conference call with analysts.
"The effects of COVID and severe weather across much of our network clearly led to a tough start to the year," Foote said. "But as we moved into March, operating conditions began to gradually improve and we do see indications that this momentum is continuing."
The railroad's train and engine employee count has increased this year, he added.