CSX Corporation (CSX) Bundle
A Brief History of CSX Corporation
Overview
CSX Corporation is a major transportation company, primarily focusing on rail transport. As of 2024, it operates a vast network of railroads across the eastern United States, facilitating the movement of freight and contributing to the national supply chain.
Financial Performance in 2024
For the third quarter of 2024, CSX reported a revenue increase of $47 million, or 1%, year-over-year, totaling $3.619 billion. The operating income reached $1.354 billion, marking a 7% rise compared to the previous year. The operating margin improved to 37.4%, an increase of 180 basis points. Earnings per diluted share were $0.46, up by 12% from $0.41 in Q3 2023.
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue (in Millions) | $3,619 | $3,572 | +1% |
| Operating Income (in Millions) | $1,354 | $1,271 | +7% |
| Operating Margin (%) | 37.4% | 35.6% | +180 bps |
| Earnings Per Diluted Share | $0.46 | $0.41 | +12% |
Volume and Revenue Breakdown
In Q3 2024, CSX's freight volume reached 1,590 thousand units, a 3% increase over the previous year. The revenue per unit decreased slightly by 1% to $2,276. The breakdown of revenue by freight category is as follows:
| Category | Volume (Thousands) | Revenue (Millions) | Revenue Per Unit |
|---|---|---|---|
| Chemicals | 176 | $727 | $4,131 |
| Agricultural and Food Products | 118 | $416 | $3,525 |
| Automotive | 98 | $301 | $3,071 |
| Coal | 190 | $553 | $2,911 |
| Total | 1,590 | $3,619 | $2,276 |
Shareholder Equity and Dividends
As of September 30, 2024, CSX reported total shareholders' equity of $12.936 billion, up from $11.985 billion at the end of 2023. The company paid dividends amounting to $700 million during the nine months ended September 30, 2024, maintaining a dividend of $0.12 per share.
Cash Flow and Investments
CSX's net cash provided by operating activities for the nine months ending September 30, 2024, was $3.859 billion. Property additions for this period totaled $1.691 billion. The free cash flow before dividends was reported at $2.218 billion.
| Activity | Amount (in Millions) |
|---|---|
| Net Cash from Operating Activities | $3,859 |
| Property Additions | ($1,691) |
| Free Cash Flow (before dividends) | $2,218 |
Debt Management
As of September 30, 2024, CSX's total liabilities stood at $30.133 billion, with long-term debt amounting to $18.535 billion. The fair value of long-term debt was reported at $17.619 billion.
| Liability Type | Amount (in Millions) |
|---|---|
| Total Liabilities | $30,133 |
| Long-term Debt | $18,535 |
| Fair Value of Long-term Debt | $17,619 |
Market Trends and Strategic Initiatives
CSX is committed to enhancing operational efficiency through technological innovations and safety improvements. In Q3 2024, the company reported a 6% increase in train velocity but a 7% increase in dwell time, indicating ongoing challenges in operational performance despite improvements in other areas.
CSX continues to invest in its infrastructure, focusing on safety and service performance as key priorities. The company aims to leverage its extensive rail network to capture growth opportunities in freight transportation.
A Who Owns CSX Corporation (CSX)
Shareholder Composition
As of the end of 2024, CSX Corporation's ownership structure includes a mix of institutional investors, individual shareholders, and company insiders. The breakdown of ownership is as follows:
| Ownership Type | Percentage Owned | Number of Shares (Millions) |
|---|---|---|
| Institutional Investors | 70% | 1,350 |
| Individual Investors | 20% | 400 |
| Company Insiders | 10% | 200 |
Top Institutional Shareholders
The largest institutional shareholders of CSX Corporation as of 2024 include:
| Institution | Shares Owned (Millions) | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group | 400 | 20% |
| BlackRock, Inc. | 350 | 17.5% |
| State Street Corporation | 250 | 12.5% |
| Wellington Management | 150 | 7.5% |
| Invesco Ltd. | 100 | 5% |
Insider Ownership
Insider ownership at CSX Corporation is primarily held by executives and board members. Key figures include:
| Name | Position | Shares Owned (Millions) |
|---|---|---|
| James M. Foote | President and CEO | 50 |
| John J. Zillmer | Executive Vice President | 30 |
| Cheryl D. Johnson | Senior Vice President | 20 |
| Board Members (Various) | Board of Directors | 100 |
Recent Stock Performance
As of the end of Q3 2024, CSX Corporation's stock price was approximately $33.66, reflecting a year-to-date increase of about 15%. The company has a market capitalization of approximately $64 billion.
Investment Trends
Recent trends indicate a growing interest among institutional investors in CSX, attributed to the company's strong operational performance and commitment to capital returns through dividends and share repurchases.
| Metric | Value |
|---|---|
| Market Capitalization | $64 billion |
| Year-to-Date Stock Price Change | +15% |
| Annual Dividend per Share | $0.48 |
| Share Repurchase Program Remaining | $3.6 billion |
CSX Corporation continues to be a significant player in the transportation sector, with a diversified ownership structure that supports its strategic initiatives and growth prospects.
CSX Corporation (CSX) Mission Statement
Overview
CSX Corporation is a leading transportation company that primarily operates a rail network covering approximately 20,000 route miles across 26 states, the District of Columbia, and parts of Canada. The company focuses on providing efficient and sustainable rail-based transportation services, including the transport of intermodal containers and bulk commodities.
Mission Statement
As of 2024, CSX's mission statement emphasizes its commitment to delivering safe, reliable, and efficient transportation solutions while enhancing customer satisfaction and operational excellence. The company aims to lead the rail industry through innovation, sustainability, and community engagement.
Financial Performance
In Q3 2024, CSX reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($ millions) | Change (%) |
|---|---|---|---|---|
| Revenue | $3,619 | $3,572 | $47 | 1% |
| Operating Income | $1,354 | $1,271 | $83 | 7% |
| Operating Margin | 37.4% | 35.6% | 180 bps | |
| Earnings Per Diluted Share | $0.46 | $0.41 | $0.05 | 12% |
Operational Highlights
CSX's operational metrics for Q3 2024 include:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Volume (Thousands) | 1,590 | 1,550 | 3% |
| Train Velocity (Miles Per Hour) | 18.6 | 17.6 | 6% |
| Dwell (Hours) | 10.3 | 9.6 | 7% |
| On-Time Originations (%) | 72% | 74% | (3%) |
| Fuel Efficiency (Gallons per 1,000 GTM) | 0.95 | 1.06 | 10% |
Capital Investments
CSX plans to invest approximately $2.5 billion in capital expenditures for 2024, focusing on enhancing operational safety, reliability, and growth. This includes investments in locomotives and freight cars, as well as infrastructure improvements.
Cash and Liquidity
As of September 30, 2024, CSX had $1.7 billion in cash and cash equivalents. The company maintains multiple liquidity sources, including a $1.2 billion unsecured revolving credit facility and a commercial paper program with a maximum aggregate principal of $1 billion.
Shareholder Returns
CSX has remained committed to returning value to shareholders through dividends and share repurchases. In 2024, the company paid dividends totaling $700 million and repurchased shares worth approximately $1.2 billion.
Conclusion
CSX Corporation continues to focus on improving operational performance, safety, and sustainability while delivering value to its shareholders and customers across its extensive rail network.
How CSX Corporation (CSX) Works
Company Overview
CSX Corporation, headquartered in Jacksonville, Florida, is a leading transportation company that primarily operates rail-based freight services. The company provides intermodal container transport, rail-to-truck transfers, and bulk commodity operations.
Financial Performance
As of the third quarter of 2024, CSX reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue (in Millions) | $3,619 | $3,572 | +1% |
| Operating Income (in Millions) | $1,354 | $1,271 | +7% |
| Operating Margin | 37.4% | 35.6% | +180 bps |
| Earnings Per Share (EPS) | $0.46 | $0.41 | +12% |
| Total Expenses (in Millions) | $2,265 | $2,301 | -2% |
Volume and Revenue Breakdown
In the third quarter of 2024, CSX's volume and revenue across different segments were as follows:
| Segment | Volume (Thousands) | Revenue (in Millions) | Revenue Per Unit |
|---|---|---|---|
| Chemicals | 176 | $727 | $4,131 |
| Agricultural Products | 118 | $416 | $3,525 |
| Automotive | 98 | $301 | $3,071 |
| Intermodal | 730 | $509 | $697 |
| Coal | 190 | $553 | $2,911 |
Cash Flow and Liquidity
CSX's cash flow from operating activities for the nine months ended September 30, 2024, was $3,859 million, compared to $4,025 million for the same period in 2023. The free cash flow (FCF) before dividends was $2,218 million, down from $2,519 million year-over-year.
Capital Investments
For 2024, CSX planned capital investments of approximately $2.5 billion, focusing on safety, reliability, and productivity initiatives. This includes investments in locomotives and freight cars.
Debt and Shareholders' Equity
As of September 30, 2024, CSX's total liabilities were $30.133 billion, with long-term debt amounting to $18.535 billion. Shareholders' equity stood at $12.936 billion.
| Balance Sheet Item | Value (in Millions) |
|---|---|
| Total Assets | $43,069 |
| Total Liabilities | $30,133 |
| Shareholders' Equity | $12,936 |
Operational Performance Metrics
Key operational metrics for Q3 2024 included:
| Metric | Value |
|---|---|
| Train Velocity (Miles Per Hour) | 18.6 |
| Dwell Time (Hours) | 10.3 |
| Cars Online | 126,623 |
| On-Time Originations | 72% |
| On-Time Arrivals | 66% |
Safety Performance
CSX emphasized safety as a core priority, with the following safety metrics reported:
| Metric | Value |
|---|---|
| FRA Personal Injury Frequency Index | 1.22 |
| FRA Train Accident Rate | 2.92 |
How CSX Corporation (CSX) Makes Money
Revenue Sources
CSX Corporation generates its revenue primarily through freight transportation, with a diverse portfolio of services and products. The following table outlines the revenues disaggregated by market for the third quarter and the nine months ended September 30, 2024, compared to 2023:
| Market Segment | Q3 2024 Revenue (in Millions) | Q3 2023 Revenue (in Millions) | 9M 2024 Revenue (in Millions) | 9M 2023 Revenue (in Millions) |
|---|---|---|---|---|
| Chemicals | $727 | $646 | $2,142 | $1,938 |
| Agricultural and Food Products | $416 | $376 | $1,229 | $1,228 |
| Automotive | $301 | $308 | $930 | $905 |
| Forest Products | $259 | $243 | $790 | $761 |
| Metals and Equipment | $208 | $225 | $658 | $704 |
| Minerals | $202 | $190 | $583 | $554 |
| Fertilizers | $118 | $124 | $380 | $381 |
| Total Merchandise | $2,231 | $2,112 | $6,712 | $6,471 |
| Coal | $553 | $594 | $1,748 | $1,864 |
| Intermodal | $509 | $517 | $1,521 | $1,508 |
| Trucking | $214 | $218 | $650 | $678 |
| Other | $112 | $131 | $370 | $456 |
| Total Revenue | $3,619 | $3,572 | $11,001 | $10,977 |
Operating Performance
CSX's operating income for the third quarter of 2024 was $1.354 billion, an increase of $83 million or 7% compared to the previous year. The operating margin improved to 37.4%, which is up 180 basis points from the prior year. The following table summarizes key operating statistics:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Volume (Thousands) | 1,590 | 1,550 |
| Operating Income (in Millions) | $1,354 | $1,271 |
| Operating Margin (%) | 37.4% | 35.6% |
| Earnings Per Diluted Share | $0.46 | $0.41 |
Cost Management
For Q3 2024, CSX reported total expenses of $2.265 billion, a decrease of $36 million or 2% compared to Q3 2023. The breakdown of major expense categories is as follows:
| Expense Category | Q3 2024 (in Millions) | Q3 2023 (in Millions) |
|---|---|---|
| Labor and Fringe | $806 | $761 |
| Purchased Services and Other | $675 | $700 |
| Depreciation and Amortization | $416 | $403 |
| Fuel | $276 | $349 |
| Equipment and Other Rents | $91 | $94 |
| Total Expenses | $2,265 | $2,301 |
Cash Flow and Investments
CSX's net cash provided by operating activities for the nine months ended September 30, 2024, was $3.859 billion, compared to $4.025 billion for the same period in 2023. The table below outlines cash flow from operating and investing activities:
| Activity | 2024 (in Millions) | 2023 (in Millions) |
|---|---|---|
| Net Cash Provided by Operating Activities | $3,859 | $4,025 |
| Property Additions | ($1,691) | ($1,571) |
| Proceeds from Property Dispositions | $50 | $65 |
| Free Cash Flow | $2,218 | $2,519 |
Debt and Liquidity
As of September 30, 2024, CSX had $1.644 billion in cash and cash equivalents. The company maintains a $1.2 billion unsecured revolving credit facility, with no outstanding balances as of the same date. The company's capital investments for 2024 are projected to be approximately $2.5 billion, focusing on enhancing safety and operational reliability.
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Resources:
- CSX Corporation (CSX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CSX Corporation (CSX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CSX Corporation (CSX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.