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EX-99.1 - Q22011 PRESS RELEASE - CSX CORP | pressrelease_q22011.htm |
8-K - Q22011 FORM 8-K - CSX CORP | form8kq22011.htm |
Exhibit 99.2
CSX Announces Record Second Quarter Results
Year-Over-Year Highlights
• | Operating income improves 21 percent to $926 million |
• | Operating ratio improves 190 basis points to 69.3 percent |
• | Earnings per share increase 28 percent to $0.46 |
JACKSONVILLE, Fla., July 19, 2011 - CSX Corporation (NYSE: CSX) today announced second quarter net earnings of $506 million, or $0.46 per share, versus $414 million, or $0.36 per share, in the same period last year. This represents a 28 percent year-over-year improvement in earnings per share.
“As our markets continue to expand, CSX is delivering outstanding results for shareholders,” said Michael J. Ward, chairman, president and chief executive officer. “At the same time, we are taking a number of actions to position the operations for greater customer demand, now and over the long-term.”
Revenue in the quarter improved 13 percent from the prior year to $3.0 billion, with increases across all major markets - merchandise, intermodal and coal. Overall revenues were driven by volume growth, pricing that reflects the value of freight rail transportation, and recoveries that offset higher fuel prices.
The higher revenue, coupled with the company's focus on profitable growth, drove a 21 percent increase in operating income to a record $926 million, and an operating ratio of 69.3 percent, a 190 basis point improvement year-over-year.
As previously announced, CSX expects to make 2011 capital investments of $2.2 billion. That is consistent with its intentions to reinvest an average of 18 percent of its revenues into its business through 2015 to further enhance the capacity, quality and flexibility of its rail network. The company remains on target to achieve its current near- and long-term financial guidance, including a high-sixties operating ratio in 2011 and a 65 percent operating ratio by no later than 2015.
Table of Contents | The accompanying unaudited | CSX CORPORATION | CONTACTS: |
financial information should be | 500 Water Street, C900 | ||
read in conjunction with the | Jacksonville, FL 32202 | INVESTOR RELATIONS | |
Company’s most recent | http://www.csx.com | David Baggs | |
Annual Report on Form 10-K, | (904) 359-4812 | ||
Quarterly Reports on Form | MEDIA | ||
10-Q, and any Current | Gary Sease | ||
Reports on Form 8-K. | (877) 835-5279 |
1
This earnings announcement, as well as a package of detailed financial information, is contained in the CSX Quarterly Financial Report available on the company's website at http://investors.csx.com and on Form 8-K with the Securities and Exchange Commission ("SEC").
CSX executives will conduct a quarterly earnings conference call with the investment community on July 20, 2011 at 8:30 a.m. Eastern Time. Investors, media and the public may listen to the conference call by dialing 1-888-327-6279 (888-EARN-CSX) and asking for the CSX earnings call. (Callers outside the U.S., dial 1-773-756-0199). Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company's website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.
CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles, with service to 23 eastern states and the District of Columbia. CSX's network connects more than 240 short line and regional railroads and more than 70 ocean, river, and lake ports. More information about CSX Corporation and its subsidiaries is available at www.csx.com.
Forward-looking Statements
This press release and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "project," "estimate," "preliminary" and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.
Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.
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CSX Corporation
CONSOLIDATED INCOME STATEMENTS (Unaudited)
(Dollars in millions, except per share amounts)
Quarters Ended | Six Months Ended | ||||||||||||||||||||||
Jul. 1, 2011 | Jun. 25, 2010 | $ Change | % Change | Jul. 1, 2011 | Jun. 25, 2010 | $ Change | % Change | ||||||||||||||||
Revenue | $ | 3,019 | $ | 2,663 | $ | 356 | 13 | % | $ | 5,829 | $ | 5,154 | $ | 675 | 13 | % | |||||||
Expense | |||||||||||||||||||||||
Labor and Fringe | 764 | 721 | (43 | ) | (6 | ) | 1,529 | 1,450 | (79 | ) | (5 | ) | |||||||||||
Materials, Supplies and Other(a) | 557 | 551 | (6 | ) | (1 | ) | 1,087 | 1,070 | (17 | ) | (2 | ) | |||||||||||
Fuel | 431 | 304 | (127 | ) | (42 | ) | 833 | 587 | (246 | ) | (42 | ) | |||||||||||
Depreciation | 246 | 230 | (16 | ) | (7 | ) | 489 | 458 | (31 | ) | (7 | ) | |||||||||||
Equipment and Other Rents | 95 | 89 | (6 | ) | (7 | ) | 192 | 189 | (3 | ) | (2 | ) | |||||||||||
Total Expense | 2,093 | 1,895 | (198 | ) | (10 | ) | 4,130 | 3,754 | (376 | ) | (10 | ) | |||||||||||
Operating Income | 926 | 768 | 158 | 21 | 1,699 | 1,400 | 299 | 21 | |||||||||||||||
Interest Expense | (134 | ) | (135 | ) | 1 | 1 | (274 | ) | (277 | ) | 3 | 1 | |||||||||||
Other Income - Net(b) | — | 9 | (9 | ) | (100 | ) | 5 | 20 | (15 | ) | (75 | ) | |||||||||||
Earnings Before Income Taxes | 792 | 642 | 150 | 23 | 1,430 | 1,143 | 287 | 25 | |||||||||||||||
Income Tax Expense(c) | (286 | ) | (228 | ) | (58 | ) | (25 | ) | (529 | ) | (424 | ) | (105 | ) | (25 | ) | |||||||
Net Earnings | $ | 506 | $ | 414 | $ | 92 | 22 | % | $ | 901 | $ | 719 | $ | 182 | 25 | % | |||||||
Operating Ratio | 69.3 | % | 71.2 | % | 70.9 | % | 72.8 | % | |||||||||||||||
Per Common Share | |||||||||||||||||||||||
Net Earnings Per Share, Assuming Dilution | $ | 0.46 | $ | 0.36 | $ | 0.10 | 28 | % | $ | 0.81 | $ | 0.61 | $ | 0.20 | 33 | % | |||||||
Average Shares Outstanding, Assuming Dilution (Millions) | 1,109 | 1,159 | 1,112 | 1,171 | |||||||||||||||||||
Cash Dividends Paid Per Common Share | $ | 0.12 | $ | 0.08 | $ | 0.21 | $ | 0.16 |
All share and per share data were retroactively restated to reflect the stock split which was effective May 31, 2011.
See accompanying Notes to Consolidated Financial Statements on page 6.
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CSX Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited) | ||||||
Jul. 1, 2011 | Dec. 31, 2010 | |||||
ASSETS | ||||||
Cash, Cash Equivalents and Short-term Investments | $ | 1,295 | $ | 1,346 | ||
Other Current Assets | 1,672 | 1,509 | ||||
Properties - Net | 24,202 | 23,799 | ||||
Investment in Affiliates and Other Companies | 1,158 | 1,134 | ||||
Other Long-term Assets | 378 | 353 | ||||
Total Assets | $ | 28,705 | $ | 28,141 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current Maturities of Long-term Debt | $ | 494 | $ | 613 | ||
Other Current Liabilities | 1,991 | 1,924 | ||||
Long-term Debt | 8,186 | 8,051 | ||||
Deferred Income Taxes | 7,340 | 7,053 | ||||
Other Long-term Liabilities | 1,753 | 1,800 | ||||
Total Liabilities | 19,764 | 19,441 | ||||
Total Shareholders' Equity | 8,941 | 8,700 | ||||
Total Liabilities and Shareholders' Equity | $ | 28,705 | $ | 28,141 |
See accompanying Notes to Consolidated Financial Statements on page 6.
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CSX Corporation
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)
(Dollars in millions)
Six Months Ended | ||||||
Jul. 1, 2011 | Jun. 25, 2010 | |||||
OPERATING ACTIVITIES | ||||||
Net Earnings | $ | 901 | $ | 719 | ||
Depreciation | 489 | 458 | ||||
Deferred Income Taxes | 280 | 79 | ||||
Other-Net(d) | (83 | ) | 166 | |||
Net Cash Provided by Operating Activities | 1,587 | 1,422 | ||||
INVESTING ACTIVITIES | ||||||
Property Additions | (947 | ) | (687 | ) | ||
Other Investing Activities | 16 | 68 | ||||
Net Cash Used in Investing Activities | (931 | ) | (619 | ) | ||
FINANCING ACTIVITIES | ||||||
Long-term Debt Issued | 600 | — | ||||
Long-term Debt Repaid | (570 | ) | (71 | ) | ||
Dividends Paid | (228 | ) | (184 | ) | ||
Shares Repurchased | (528 | ) | (823 | ) | ||
Other Financing Activities - Net(e) | 30 | (121 | ) | |||
Net Cash Used in Financing Activities | (696 | ) | (1,199 | ) | ||
Net Decrease in Cash and Cash Equivalents | (40 | ) | (396 | ) | ||
CASH AND CASH EQUIVALENTS | ||||||
Cash and Cash Equivalents at Beginning of Period | 1,292 | 1,029 | ||||
Cash and Cash Equivalents at End of Period | $ | 1,252 | $ | 633 |
See accompanying Notes to Consolidated Financial Statements on page 6.
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CSX Corporation
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
a) | Materials, Supplies and Other: During the second quarter of 2010, the Company closed an operating property transaction with the Commonwealth of Massachusetts. The Company received $50 million of cash related to this transaction and recorded a net book loss of $30 million pre-tax or $0.02 per share. This property is a former Conrail acquired property. This loss is reflected in Materials, Supplies and Other. |
b) | Other Income - Net: Other income - net consisted of the following: |
Quarters Ended | Six Months Ended | ||||||||||||||||||
(Dollars in millions) | Jul. 1, 2011 | Jun. 25, 2010 | $ Change | Jul. 1, 2011 | Jun. 25, 2010 | $ Change | |||||||||||||
Interest Income | $ | 1 | $ | 2 | $ | (1 | ) | $ | 2 | $ | 3 | $ | (1 | ) | |||||
Income from Real Estate Operations | 5 | 8 | (3 | ) | 8 | 15 | (7 | ) | |||||||||||
Miscellaneous Income (Expense) | (6 | ) | (1 | ) | (5 | ) | (5 | ) | 2 | (7 | ) | ||||||||
Total Other Income - Net | $ | — | $ | 9 | $ | (9 | ) | $ | 5 | $ | 20 | $ | (15 | ) |
c) | Income Tax Expense: Income tax expense increased $58 million to $286 million due to higher earnings. In addition, both years had a net favorable income tax benefit of approximately $14 million, or $0.01 per share. In 2011, this benefit was a result of several state legislative changes. In 2010, the benefit was attributable to the resolution of prior years' federal income tax audits. |
d) | Other Operating Activities - Net: In 2011, the decrease in other operating activities was primarily driven by higher accounts receivable related to higher revenue as well as larger incentive compensation payouts. |
e) | Other Financing Activities - Net: In 2010, other financing activities included $141 million paid as cash consideration to exchange higher interest rate debt for lower interest rate debt which did not repeat in 2011. |
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CSX Corporation
VOLUME AND REVENUE (Unaudited) | |||||||||||||||||||||||||||
Volume (Thousands of units); Revenue (Dollars in millions); Revenue Per Unit (Dollars) | |||||||||||||||||||||||||||
Quarters Ended July 1, 2011 and June 25, 2010 | |||||||||||||||||||||||||||
Volume | Revenue | Revenue Per Unit | |||||||||||||||||||||||||
2011 | 2010 | % Change | 2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||
Agricultural Products | 109 | 107 | 2 | % | $ | 273 | $ | 255 | 7 | % | $ | 2,505 | $ | 2,383 | 5 | % | |||||||||||
Phosphates and Fertilizers | 80 | 80 | — | 119 | 109 | 9 | 1,488 | 1,363 | 9 | ||||||||||||||||||
Food and Consumer | 27 | 25 | 8 | 70 | 59 | 19 | 2,593 | 2,360 | 10 | ||||||||||||||||||
Industrial | |||||||||||||||||||||||||||
Chemicals | 119 | 116 | 3 | 413 | 372 | 11 | 3,471 | 3,207 | 8 | ||||||||||||||||||
Automotive | 87 | 88 | (1 | ) | 226 | 204 | 11 | 2,598 | 2,318 | 12 | |||||||||||||||||
Metals | 68 | 65 | 5 | 158 | 140 | 13 | 2,324 | 2,154 | 8 | ||||||||||||||||||
Housing and Construction | |||||||||||||||||||||||||||
Emerging Markets | 117 | 113 | 4 | 179 | 167 | 7 | 1,530 | 1,478 | 4 | ||||||||||||||||||
Forest Products | 70 | 65 | 8 | 174 | 150 | 16 | 2,486 | 2,308 | 8 | ||||||||||||||||||
Total Merchandise | 677 | 659 | 3 | 1,612 | 1,456 | 11 | 2,381 | 2,209 | 8 | ||||||||||||||||||
Coal | 388 | 401 | (3 | ) | 958 | 835 | 15 | 2,469 | 2,082 | 19 | |||||||||||||||||
Intermodal | 581 | 538 | 8 | 376 | 304 | 24 | 647 | 565 | 15 | ||||||||||||||||||
Other | — | — | — | 73 | 68 | 7 | — | — | — | ||||||||||||||||||
Total | 1,646 | 1,598 | 3 | % | $ | 3,019 | $ | 2,663 | 13 | % | $ | 1,834 | $ | 1,666 | 10 | % |
Six Months Ended July 1, 2011 and June 25, 2010 | |||||||||||||||||||||||||||
Volume | Revenue | Revenue Per Unit | |||||||||||||||||||||||||
2011 | 2010 | % Change | 2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||||||||||||||
Agricultural | |||||||||||||||||||||||||||
Agricultural Products | 218 | 221 | (1 | )% | $ | 533 | $ | 522 | 2 | % | $ | 2,445 | $ | 2,362 | 4 | % | |||||||||||
Phosphates and Fertilizers | 163 | 159 | 3 | 255 | 232 | 10 | 1,564 | 1,459 | 7 | ||||||||||||||||||
Food and Consumer | 52 | 50 | 4 | 133 | 118 | 13 | 2,558 | 2,360 | 8 | ||||||||||||||||||
Industrial | |||||||||||||||||||||||||||
Chemicals | 236 | 228 | 4 | 807 | 723 | 12 | 3,419 | 3,171 | 8 | ||||||||||||||||||
Automotive | 176 | 162 | 9 | 445 | 374 | 19 | 2,528 | 2,309 | 10 | ||||||||||||||||||
Metals | 135 | 126 | 7 | 306 | 268 | 14 | 2,267 | 2,127 | 7 | ||||||||||||||||||
Housing and Construction | |||||||||||||||||||||||||||
Emerging Markets | 212 | 198 | 7 | 324 | 297 | 9 | 1,528 | 1,500 | 2 | ||||||||||||||||||
Forest Products | 139 | 128 | 9 | 335 | 290 | 16 | 2,410 | 2,266 | 6 | ||||||||||||||||||
Total Merchandise | 1,331 | 1,272 | 5 | 3,138 | 2,824 | 11 | 2,358 | 2,220 | 6 | ||||||||||||||||||
Coal | 773 | 774 | — | 1,837 | 1,571 | 17 | 2,376 | 2,030 | 17 | ||||||||||||||||||
Intermodal | 1,134 | 1,038 | 9 | 708 | 623 | 14 | 624 | 600 | 4 | ||||||||||||||||||
Other | — | — | — | 146 | 136 | 7 | — | — | — | ||||||||||||||||||
Total | 3,238 | 3,084 | 5 | % | $ | 5,829 | $ | 5,154 | 13 | % | $ | 1,800 | $ | 1,671 | 8 | % |
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CSX Corporation
VOLUME AND REVENUE
The Company achieved year-over-year volume and revenue growth as demand for rail service increased with the improving performance of the markets CSX serves. Volume was higher in most markets with the greatest volume increases in intermodal, forest products, food & consumer and metals. Overall coal volume decreased due to weakness in utility coal partially offset by strong export demand. Ongoing emphasis on pricing above rail inflation, along with higher fuel recovery associated with the increase in fuel prices drove revenue-per-unit increases in all markets.
Merchandise
Agricultural
Agricultural Products - Volume increased primarily due to more shipments of soybeans from the Midwest into the Southeast.
Phosphates and Fertilizers - Overall volume was flat, however, shipments of fertilizers grew as farmers domestically and abroad used more fertilizer to improve crop yields and replenished inventories. These increases were offset by reduced shipments of phosphate rock due to supply shortages.
Food and Consumer - Volume improved with increased consumer demand for alcoholic beverages. In addition, beer imports also improved with suppliers building inventory to meet expected demand.
Industrial
Chemicals - Growth occurred across most chemicals markets reflecting improvement in demand for intermediate products used in manufacturing consumer goods and automobiles. These products are key inputs in the production of both durable and nondurable goods as well as packaging.
Automotive - Automotive volume declined slightly as Japanese auto manufacturers producing cars in the U.S. were impacted by a lack of parts from suppliers affected by the disaster in Japan. This decrease was partially offset by increased production from the Big Three domestic automakers.
Metals - Volume growth was driven by continued increased shipments of sheet steel for domestic auto production and increased scrap shipments due to strong export demand and higher domestic steel production.
Housing and Construction
Emerging Markets - Volume increased due to improved shipments of cement, aggregates (which include crushed stone, sand and gravel) and waste as a result of overall growth in these markets.
Forest Products - Volume increased despite the weakness in housing-related markets with strength in shipments of pulp board and paper used in packaging for consumer products.
Coal
Shipments of utility coal declined as natural gas prices remained low and utility stockpiles were at or slightly above normal levels. This decrease was partially offset by higher export shipments due to greater demand for U.S. coal in Europe, Asia and South America. The increase in revenue per unit reflects improved yield, fuel recovery and positive mix.
Intermodal
Strength in volume was primarily driven by the improving domestic and international markets CSX serves and new international gains as a result of the intermodal portfolio of service and network offerings. The increase in revenue per unit was driven by yield improvement and higher fuel recovery due to rising fuel prices.
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CSX Corporation
EXPENSE
Expenses increased $198 million from last year's second quarter. Variances are described below.
Labor and Fringe expense increased $43 million due to the following:
• | Inflation-related expenses were $27 million higher during the quarter. |
• | Volume-related, new employee training and other expenses were $16 million higher during the quarter. |
Materials, Supplies and Other expense increased $6 million due to the following:
• | Volume-related (including increased expenses at coal piers and intermodal terminals), inflation and other expenses were collectively $36 million higher during the quarter. |
• | Offsetting these increases was a prior year net book loss on the sale of an operating property of $30 million. |
Fuel expense increased $127 million primarily due to a 39% increase in average price per gallon as well as higher volume. (See Fuel Statistics table below.)
Depreciation increased $16 million primarily due to a higher asset base.
Equipment and Other Rents increased $6 million primarily related to volume growth.
FUEL STATISTICS | ||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||
Jul. 1, 2011 | Jun. 25, 2010 | Change | Jul. 1, 2011 | Jun. 25, 2010 | Change | |||||||||||||||
Estimated Locomotive Fuel Consumption (Millions of gallons) | 123.8 | 119.6 | (4.2 | ) | 251.7 | 240.5 | (11.2 | ) | ||||||||||||
Price per Gallon (Dollars) | $ | 3.21 | $ | 2.31 | $ | (0.90 | ) | $ | 3.03 | $ | 2.21 | $ | (0.82 | ) | ||||||
Total Locomotive Fuel Expense (Dollars in millions) | $ | 397 | $ | 277 | $ | (120 | ) | $ | 764 | $ | 532 | $ | (232 | ) | ||||||
Total Non-Locomotive Fuel Expense (Dollars in millions) | 34 | 27 | (7 | ) | 69 | 55 | (14 | ) | ||||||||||||
Total Fuel Expense (Dollars in millions) | $ | 431 | $ | 304 | $ | (127 | ) | $ | 833 | $ | 587 | $ | (246 | ) |
EMPLOYEE COUNTS (Estimated) | ||||||||
2011 | 2010 | Change | ||||||
April | 30,659 | 30,002 | 657 | |||||
May | 31,093 | 29,904 | 1,189 | |||||
June | 31,189 | 30,250 | 939 | |||||
Average | 30,980 | 30,052 | 928 |
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CSX Corporation
OPERATING STATISTICS (Estimated)
Quarters Ended | Six Months Ended | |||||||||||||
Jul. 1, 2011 | Jun. 25, 2010 | Improvement (Decline) % | Jul. 1, 2011 | Jun. 25, 2010 | Improvement (Decline) % | |||||||||
Coal (Millions of Tons) | ||||||||||||||
Domestic | ||||||||||||||
Utility | 26.8 | 30.5 | (12 | )% | 54.9 | 60.3 | (9 | )% | ||||||
Other | 4.0 | 3.9 | 3 | 6.5 | 6.5 | — | ||||||||
Total Domestic | 30.8 | 34.4 | (10 | ) | 61.4 | 66.8 | (8 | ) | ||||||
Export | 10.4 | 8.0 | 30 | 21.1 | 15.3 | 38 | ||||||||
Coke and Iron Ore | 2.0 | 2.1 | (5 | ) | 3.5 | 3.7 | (5 | ) | ||||||
Total Coal | 43.2 | 44.5 | (3 | )% | 86.0 | 85.8 | — | % | ||||||
Revenue Ton-Miles (Billions) | ||||||||||||||
Merchandise | 33.5 | 32.3 | 4 | % | 66.1 | 63.7 | 4 | % | ||||||
Coal | 19.0 | 20.3 | (6 | ) | 38.4 | 39.5 | (3 | ) | ||||||
Intermodal | 5.7 | 5.2 | 10 | 10.9 | 9.6 | 14 | ||||||||
Total | 58.2 | 57.8 | 1 | % | 115.4 | 112.8 | 2 | % | ||||||
Gross Ton-Miles (Billions) | ||||||||||||||
Total Gross Ton-Miles | 106.3 | 105.0 | 1 | % | 210.8 | 204.7 | 3 | % | ||||||
(Excludes locomotive gross ton-miles) | ||||||||||||||
Safety and Service Measurements | ||||||||||||||
FRA Personal Injury Frequency Index | 0.89 | 1.14 | 22 | % | 0.83 | 0.99 | 16 | % | ||||||
(Number of FRA-reportable train accidents per million train miles) | ||||||||||||||
FRA Train Accident Rate | 2.37 | 2.83 | 16 | % | 2.57 | 3.07 | 16 | % | ||||||
(Number of FRA-reportable train accidents per million train miles) | ||||||||||||||
On-Time Train Originations | 68 | % | 78 | % | (13 | )% | 67 | % | 74 | % | (9 | )% | ||
On-Time Destination Arrivals | 56 | % | 71 | % | (21 | )% | 57 | % | 69 | % | (17 | )% | ||
Dwell (Hours) | 26.0 | 23.7 | (10 | )% | 26.3 | 24.8 | (6 | )% | ||||||
Cars-On-Line | 208,572 | 210,106 | 1 | % | 210,484 | 212,463 | 1 | % | ||||||
Train Velocity (Miles per hour) | 19.8 | 20.9 | (5 | )% | 20.1 | 20.9 | (4 | )% | ||||||
Resources | Increase (Decrease) % | |||||||||||||
Route Miles | 21,046 | 21,123 | — | % | ||||||||||
Locomotives (Owned and long-term leased) | 4,073 | 4,067 | — | % | ||||||||||
Freight Cars (Owned and long-term leased) | 77,599 | 80,471 | (4 | )% |
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CSX Rail Network
11