Company Reports

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision-scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains enhance network fluidity, driving labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class I railroad CSX's third-quarter revenue jumped 12% year over year on solid intermodal growth, stronger merchandise carload activity, and spiking fuel surcharges. Revenue was up 6% excluding fuel. Profitability showed additional year-over-year progress.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision-scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains enhance network fluidity, driving labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class I railroad CSX's second-quarter revenue surged 10% year over year on solid intermodal growth, stronger merchandise carload activity across most segments, and higher fuel surcharges. Profitability showed additional year-over-year progress.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision-scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains enhance network fluidity, driving labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class-I railroad CSX's first-quarter revenue flipped positive year over year (up 2%) on solid new business wins for intermodal and improving merchandise carload activity, including an uptick in chemicals. Profitability showed solid year-over-year progress.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision-scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains enhance network fluidity, driving labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains boost network fluidity, driving labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class-I railroad CSX's fourth-quarter revenue fell 1% year over year on lower benchmark coal pricing and still-soft industrial and housing end markets for carloads, partly offset by lingering intermodal growth and core pricing gains. Profitability worsened, but improvement should return this year.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains boost network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class-I railroad CSX's third-quarter revenue fell 1% year over year on softer benchmark coal rates (which hit all-in yield), partly offset by lingering intermodal growth and positive core merchandise pricing. Profitability worsened, but deterioration is easing due to sequential productivity gains.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Successor James Foote continued to implement Harrison's precision scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains boost network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Harrison's successor, James Foote continued to implement Harrison's precision scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains boost network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Harrison's successor, James Foote continued to implement Harrison's precision scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains boost network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class-I railroad CSX's second-quarter top line fell by 3% year over year on lower benchmark coal rates (which hit yield) amid flattish total volumes, partly offset by positive core merchandise pricing and higher intermodal activity. Profitability weakened year over year but improved sequentially.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Harrison's successor, James Foote continued to implement Harrison's precision scheduled railroading model until his retirement in late 2022. At its core, PSR focuses on rightsizing assets, including sorting yards, motive power, and rolling stock. Fewer assets and longer trains boost network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive.

Class-I railroad CSX's first-quarter top line fell 7% year over year on lower fuel surcharges, softer benchmark coal rates (which hit yields), and service headwinds, partly offset by positive core merchandise pricing. Profitability weakened again on both a year-over-year and sequential basis.

US President Donald Trump announced sweeping tariffs on all US imports. For the North American Class-I railroads, the key threat is tariffs' impact on macroeconomic growth in terms of US real goods spending (for intermodal volumes) and industrial production (for carload volumes).

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Harrison's successor, James Foote (who retired in late 2022), was familiar with Harrison's precision scheduled railroading model from years working at Canadian National. At its core, PSR focuses on rightsizing assets, including real estate, sorting yards, motive power, and rolling stock. Fewer assets and longer trains drive up network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive. CSX's intermodal volume is facing near-term headwinds from depressed rates in the competing full truckload industry, but that pressure is subsiding and we still consider intermodal to be a key long-term growth opportunity.

Railroad turnaround legend Hunter Harrison led Eastern Class I railroad CSX from early 2017 until his death in December that same year. Harrison's successor, James Foote (who retired in late 2022), was familiar with Harrison's precision scheduled railroading model from years working at Canadian National. At its core, PSR focuses on rightsizing assets, including real estate, sorting yards, motive power, and rolling stock. Fewer assets and longer trains drive up network fluidity, resulting in labor productivity gains, better service levels, and higher potential incremental operating margins. Better service also creates greater opportunities for intermodal, which is highly truck-competitive. CSX's intermodal volume is facing near-term headwinds from depressed rates in the competing full truckload industry, but that pressure is subsiding and we still consider intermodal to be a key long-term growth opportunity.