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“This quarter’s results highlight just how quickly volumes have rebounded, as each of our three lines of business experienced record growth as we lapped the most severe economic impacts of the pandemic,” Foote says.īut CSX’s operating metrics all declined for a quarter, a reflection of significantly higher volume than a year ago and the impact of ongoing crew shortages. And coal rebounded, too, with a 44% increase in volume. Volume in every CSX business segment grew thanks to easy comparisons with the second quarter of 2020. Adjusted for the impact of the land sales, CSX’s operating ratio was 55.1%, down from 63.3% a year ago. Earnings per share rose 82%, to 40 cents. In addition, CSX’s earnings received a jolt from the $349 million gain on the sale of property rights in Virginia for new passenger operations.Īdjusted for the impact of one-time items, operating income grew 62%, while revenue surged 33%, to $3 billion.
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“It’s very, very difficult.”ĬSX’s volume and earnings recovered from last year’s historic pandemic-related second quarter declines. “It is an enormous challenge for us to go out and to find people that want to be conductors on the railroad, just like it’s hard to find people who want to be baristas or anything else,” CEO Jim Foote says. That likely won’t happen before the end of the year because the railroad is struggling to hire conductors in an extremely tight labor market, executives said on the railroad’s earnings call on Wednesday. CSX Transportation won’t be able to get its merchandise service back to pre-pandemic levels until it can hire enough train and engine crews to handle strong volume growth. A CSX Transportation intermodal train rolls under the Metra Rock Island District line at Blue Island, Ill., in 2015.