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Labor Constraints Still Throttling CSX' Q1 Carloads, but Improvement Likely and Pricing Solid

Equity Analyst Matthew Young

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA | Apr 21, 2022

Eastern Class-I railroad CSX’ first-quarter revenue grew a healthy 21% year over year on core-yield improvement, higher fuel surcharges and accessorial, and the addition of Quality Carriers. Growth exceeded our expected run rate on solid total-yield gains (up 24% including fuel and spiking export-coal benchmark pricing). Despite lackluster volume trends of late, CSX’s pricing power continues to enjoy tailwinds from tight capacity across transportation modes.

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CSX Corp's Company Profile

Business Description

Operating in the Eastern United States, Class I railroad CSX generated revenue near $12.5 billion in 2021. On its more than 21,000 miles of track, CSX hauls shipments of coal (13% of consolidated revenue), chemicals (22%), intermodal containers (16%), automotive cargo (9%), and a diverse mix of other bulk and industrial merchandise.

Contact

500 Water Street, 15th Floor
Jacksonville, FL, 32202

T +1 904 359-3200

Sector Industrials

Industry Railroads

Most Recent Earnings Mar 31, 2022

Fiscal Year End Dec 31, 2022

Stock Type Cyclical

Employees 21,000

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