Exhibit 99.2
CSX Announces First Quarter Results
First Quarter Highlights:
| · | Safety and service levels remain strong |
| · | Productivity and right-sizing actions delivering cost savings |
| · | Earnings per share of 62 cents, operating income of $522 million |
JACKSONVILLE, Fla., (Apr. 14, 2009) – CSX Corporation [NYSE: CSX] today announced first quarter earnings of $246 million, or 62 cents a share, versus $351 million, or 85 cents per share, last year. Excluding 5 cents per share from an equity earnings adjustment in the first quarter of 2008, comparable earnings per share declined 23 percent. (See table below for reconciliation of quarter items to reported numbers.)
“In this economic downturn, CSX is focusing sharply on the things that are more within our control – safety, customer service and productivity,” said Michael Ward, chairman, president and CEO. “We are taking tough actions to right-size our operations in this challenging environment.”
First quarter revenues of $2.2 billion were down 17 percent from the prior year, primarily due to a 17 percent decline in volume. The volume declines were driven by significant weakness in industrial production, housing starts, and consumer spending, as well as in the agriculture and energy sectors.
In response to these conditions, CSX right-sized its train network and implemented a wide range of productivity initiatives. As a result, operating expenses declined 17%, allowing the company to produce operating income of $522 million and an operating ratio of 76.8 percent for the quarter.
“Our nation will continue to rely heavily on rail transportation to move vital goods, relieve traffic congestion, protect the environment and support American businesses,” said Ward. “We can meet those needs with discipline in our operations, strategic investments in our system and sound public policy.”
| Table of Contents | The accompanying unaudited | CSX CORPORATION | CONTACTS: |
| | financial information should be | 500 Water Street, C900 | |
| | read in conjunction with the | Jacksonville, FL | INVESTOR RELATIONS |
| Company’s most recent | 32202 | David Baggs |
| Annual Report on Form 10-K, | http://www.csx.com | (904) 359-4812 |
| Quarterly Reports on Form | | MEDIA |
| 10-Q, and any Current | | Garrick Francis |
| | Reports on Form 8-K. | | (877) 835-5279 |
GAAP RECONCILIATION 1 (Dollars in millions, except per share amounts) |
| | First Quarter |
| | 2009 | | 2008 | | % Change |
Earnings Per Share | $ 0.62 | | $ 0.85 | | (27)% |
Less Equity Earnings Adjustment | - | | (0.05 | ) | |
Comparable Earnings Per Share | $ 0.62 | | $ 0.80 | | (23)% |
CSX Corporation, based in Jacksonville, Fla., is a leading transportation company 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, and connects to more than 70 ocean, river and lake ports.
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 in the Investors section 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 Apr. 15, 2009 at 8:30 a.m. ET. Investors, media and the public may listen to the conference call by dialing 888-327-6279 (888-EARN-CSX) and asking for the CSX earnings call. (Callers outside the U.S., dial 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.
###
GAAP Reconciliation1
CSX reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures used to manage the company’s business that fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the SEC may provide users of the financial information with additional meaningful comparisons to prior reported results.
In press releases and presentation slides for stock analysts, CSX has provided financial information adjusted for certain items, which are non-GAAP financial measures. The company’s management evaluates its business and makes certain operating decisions (e.g., budgeting, forecasting, employee compensation, asset management and resource allocation) using these adjusted numbers.
Likewise, this information facilitates comparisons to financial results that are directly associated with ongoing business operations as well as provides comparable historical information. Lastly, earnings forecasts prepared by stock analysts and other third parties generally exclude the effects of items that are difficult to predict or measure in advance and are not directly related to CSX’s ongoing operations. A reconciliation between GAAP and the non-GAAP measure is provided above. These non-GAAP measures should not be considered a substitute for GAAP measures.
Forward-looking statements
This information and other statements by the company 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, cost-savings, expenses, or other financial items; statements of management’s plans, strategies and objectives for future operation, and management’s expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new products and 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 does update 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 these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these 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 or business conditions, including those affecting the rail 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; and (v) the outcome of claims and litigation involving or affecting the company.
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.
|
CONSOLIDATED INCOME STATEMENTS (Unaudited) |
| (Dollars in Millions, Except Per Share Amounts) |
| | | | |
| | Quarters Ended |
| | Mar. 27, | Mar. 28, | |
| | 2009 | 2008 | $ Change |
| Revenue | $2,247 | $2,713 | $(466) |
| Expense | | | |
| Labor and Fringe | 662 | 745 | 83 |
| Materials, Supplies and Other | 477 | 505 | 28 |
| Fuel | 191 | 441 | 250 |
| Depreciation | 224 | 222 | (2) |
| Equipment and Other Rents | 113 | 111 | (2) |
| Inland Transportation | 58 | 63 | 5 |
| Total Expense | 1,725 | 2,087 | 362 |
| | | | |
| Operating Income | 522 | 626 | (104) |
| | | | |
| Interest Expense | (141) | (119) | (22) |
| Other Income (Expense) - Net | (9) | 55 | (64) |
| Earnings before Income Taxes | 372 | 562 | (190) |
| | | | |
| Income Tax Expense | (126) | (211) | 85 |
| Net Earnings | $246 | $351 | $(105) |
| | | | |
| Per Common Share | | | |
| Net Earnings Per Share, Assuming Dilution | $0.62 | $0.85 | $(0.23) |
| | | | |
| Average Shares Outstanding, | | | |
Assuming Dilution (Thousands) | 394,101 | 415,210 | |
| | | | |
| Cash Dividends Paid Per Common Share | $0.22 | $0.15 | |
| CSX Corporation |
| CONSOLIDATED BALANCE SHEETS |
| (Dollars in Millions) |
| | (Unaudited) | |
| | Mar. 27, | Dec. 26, |
| | 2009 | 2008 |
| ASSETS |
| | | |
| Current Assets | | |
| Cash and Cash Equivalents | $1,056 | $669 |
| Short-term Investments | 73 | 76 |
| Accounts Receivable, net of allowance for doubtful | 958 | 1,107 |
| accounts of $64 and $70, respectively | | |
| Materials and Supplies | 250 | 217 |
| Deferred Income Taxes | 151 | 203 |
| Other Current Assets | 112 | 119 |
| Total Current Assets | 2,600 | 2,391 |
| | | |
| Properties | 30,399 | 30,208 |
| Accumulated Depreciation | (7,637) | (7,520) |
| Properties - Net | 22,762 | 22,688 |
| | | |
| Investment in Conrail | 617 | 609 |
| Affiliates and Other Companies | 399 | 406 |
| Other Long-term Assets | 189 | 194 |
| Total Assets | $26,567 | $26,288 |
| | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
| | | |
| Current Liabilities | | |
| Accounts Payable | $934 | $973 |
| Labor and Fringe Benefits Payable | 369 | 465 |
| Casualty, Environmental and Other Reserves | 217 | 236 |
| Current Maturities of Long-term Debt | 314 | 319 |
| Income and Other Taxes Payable | 116 | 125 |
| Other Current Liabilities | 120 | 286 |
| Total Current Liabilities | 2,070 | 2,404 |
| | | |
| Casualty, Environmental and Other Reserves | 636 | 643 |
| Long-term Debt | 7,995 | 7,512 |
| Deferred Income Taxes | 6,266 | 6,235 |
| Other Long-term Liabilities | 1,395 | 1,426 |
| Total Liabilities | 18,362 | 18,220 |
| | | |
| Common Stock, $1 Par Value | 392 | 391 |
| Retained Earnings | 8,534 | 8,398 |
| Accumulated Other Comprehensive Loss | (742) | (741) |
| Noncontrolling Minority Interest | 21 | 20 |
| Total Shareholders' Equity | 8,205 | 8,068 |
| Total Liabilities and Shareholders' Equity | $26,567 | $26,288 |
| CSX Corporation |
CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) |
| (Dollars in Millions) |
| | | |
| | Quarters Ended |
| | Mar. 27, | Mar. 28, |
| | 2009 | 2008 |
| OPERATING ACTIVITIES | | |
| Net Earnings | $246 | $351 |
| Adjustments to Reconcile Net Earnings to Net Cash Provided | | |
| by Operating Activities: | | |
| Depreciation | 224 | 225 |
| Deferred Income Taxes | 79 | 89 |
| Other Operating Activities | (65) | (24) |
| Changes in Operating Assets and Liabilities: | | |
| Accounts Receivable | 132 | 3 |
| Other Current Assets | (76) | (13) |
| Accounts Payable | (36) | 10 |
| Income and Other Taxes Payable | 31 | 84 |
| Other Current Liabilities | (86) | 9 |
| Net Cash Provided by Operating Activities | 449 | 734 |
| | | |
| INVESTING ACTIVITIES | | |
| Property Additions | (309) | (446) |
| Purchases of Short-term Investments | - | (50) |
| Proceeds from Sales of Short-term Investments | - | 295 |
| Other Investing Activities | 37 | 12 |
| Net Cash Used in Investing Activities | (272) | (189) |
| | | |
| FINANCING ACTIVITIES | | |
| Long-term Debt Issued | 500 | 1,000 |
| Long-term Debt Repaid | (26) | (44) |
| Dividends Paid | (86) | (61) |
| Stock Options Exercised | 2 | 36 |
| Shares Repurchased | - | (300) |
| Other Financing Activities | (180) | 26 |
| Net Cash Provided by Financing Activities | 210 | 657 |
| | | |
| Net Increase in Cash and Cash Equivalents | 387 | 1,202 |
| | | |
| CASH AND CASH EQUIVALENTS | | |
| Cash and Cash Equivalents at Beginning of Period | 669 | 368 |
| Cash and Cash Equivalents at End of Period | $1,056 | $1,570 |
CSX Corporation |
OTHER INCOME (EXPENSE) (Unaudited) |
| (Dollars in Millions) |
| | | | |
| | Quarters Ended |
| | Mar. 27, | Mar. 28, | |
| | 2009 | 2008 | $ Change |
Interest Income (a) | $4 | $8 | $(4) |
Income from Real Estate Operations (b) | 1 | 30 | (29) |
Loss from Resort Operations (c) | (14) | (16) | 2 |
Miscellaneous (d) | - | 33 | (33) |
| Total Other Income (Expense) - Net | $(9) | $55 | $(64) |
| (a) | Interest income fluctuates based on interest rates and balances that earn interest based on CSX’s cash, cash equivalents and short-term investments. |
| (b) | Income from real estate includes the results of operations of the Company’s non-operating real estate sales, leasing, acquisition and management and development activities. Income may fluctuate as a function of timing of real estate sales. |
| (c) | The resort filed for Chapter 11 bankruptcy protection in March 2009. See below for further details. |
| (d) | Miscellaneous income includes a number of items which can be income or expense. Examples of these items are equity earnings and/or losses, non-controlling minority interest expense, investment gains and losses and other non-operating activities. In first quarter 2008, CSX recorded additional income of $30 million for an adjustment to correct equity earnings from a non-consolidated subsidiary. |
Greenbrier Hotel Corporation Bankruptcy Filing
On March 19, 2009, Greenbrier Hotel Corporation (“GHC”), owner of The Greenbrier resort and subsidiary of CSX Corporation, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. CSX has agreed to extend up to $19 million in bankruptcy financing to GHC.
In conjunction with the bankruptcy, GHC also announced an agreement to sell the resort pursuant to an asset purchase agreement (“Agreement”) with Marriott Hotel Services, Inc. (“Marriott”). The Agreement remains subject to the approval of the Bankruptcy Court and contemplates that CSX will provide $50 million to be used in the operations of the resort after completion of the sale. These funds are expected to be paid over a two-year period following the closing of the transaction. In turn, Marriott would pay GHC between $60 million and $130 million within approximately seven years, with the actual amount depending on the timing of the payment and The Greenbrier’s financial performance.
The sale to Marriott is expected to close later this year, but is contingent on various closing conditions, including the ability of The Greenbrier and its unions to negotiate labor contracts satisfactory to Marriott. It is also subject to a Bankruptcy Court-supervised auction process in which other qualified purchasers will have an opportunity to bid on the resort. Currently, the bid and auction process are scheduled in June 2009.
At this time, this transaction does not qualify for discontinued operations under SFAS 144 Accounting for the Impairment or Disposal of Long-lived Assets due to the nature of certain closing conditions under the Agreement. Once these conditions have been satisfied, it is likely that the resort’s results of operations will be reclassified into discontinued operations.
|
RESULTS OF OPERATIONS (Unaudited) |
| (Dollars in Millions) |
| | | | | | | | | | |
| Quarters Ended March 27, 2009 and March 28, 2008 |
| | | | | | | | | | |
| | | | | CSX | | | |
| | Rail (a) | Intermodal | Consolidated | | | |
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | $ Change | % Change |
| Revenue | $1,977 | $2,365 | $270 | $348 | $2,247 | $2,713 | $(466) | (17) | % |
| Expense | | | | | | | | | |
| Labor and Fringe | 644 | 726 | 18 | 19 | 662 | 745 | 83 | 11 | |
| Materials, Supplies and Other | 432 | 456 | 45 | 49 | 477 | 505 | 28 | 6 | |
| Fuel | 190 | 439 | 1 | 2 | 191 | 441 | 250 | 57 | |
| Depreciation | 218 | 217 | 6 | 5 | 224 | 222 | (2) | (1) | |
| Equipment and Other Rents | 88 | 84 | 25 | 27 | 113 | 111 | (2) | (2) | |
| Inland Transportation | (93) | (122) | 151 | 185 | 58 | 63 | 5 | 8 | |
| Total Expense | 1,479 | 1,800 | 246 | 287 | 1,725 | 2,087 | 362 | 17 | |
| Operating Income | $498 | $565 | $24 | $61 | $522 | $626 | $(104) | (17) | % |
| | | | | | | | | | |
| Operating Ratio | 74.8% | 76.1% | 91.1% | 82.5% | 76.8% | 76.9% | | | |
| (a) | In addition to CSX Transportation, Inc., the Rail segment includes non-railroad subsidiaries such as Total Distribution Services, Inc., Transflo Terminal Services, Inc., CSX Technology, Inc. and other subsidiaries. |
|
VOLUME AND REVENUE (Unaudited) |
| Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars) |
| | | | | | | | | | | | | | | |
| Quarters Ended March 27, 2009 and March 28, 2008 |
| | | | | | | | | | | | | | | |
| | Volume | | Revenue | | Revenue Per Unit |
| | 2009 | 2008 | % Change | | 2009 | 2008 | % Change | | 2009 | 2008 | % Change |
| Chemicals | 105 | 129 | (19) | % | | $308 | $362 | (15) | % | | $2,933 | $2,806 | 5 | % |
| Emerging Markets | 91 | 115 | (21) | | | 134 | 161 | (17) | | | 1,473 | 1,400 | 5 | |
| Forest Products | 65 | 87 | (25) | | | 140 | 192 | (27) | | | 2,154 | 2,207 | (2) | |
| Agricultural Products | 109 | 109 | - | | | 249 | 235 | 6 | | | 2,284 | 2,156 | 6 | |
| Metals | 48 | 92 | (48) | | | 97 | 197 | (51) | | | 2,021 | 2,141 | (6) | |
| Phosphates and Fertilizers | 60 | 91 | (34) | | | 87 | 130 | (33) | | | 1,450 | 1,429 | 1 | |
| Food and Consumer | 25 | 27 | (7) | | | 60 | 65 | (8) | | | 2,400 | 2,407 | - | |
| Total Merchandise | 503 | 650 | (23) | | | 1,075 | 1,342 | (20) | | | 2,137 | 2,065 | 3 | |
| | | | | | | | | | | | | | | |
| Coal | 415 | 440 | (6) | | | 713 | 720 | (1) | | | 1,718 | 1,636 | 5 | |
| Coke and Iron Ore | 16 | 23 | (30) | | | 31 | 42 | (26) | | | 1,938 | 1,826 | 6 | |
| Total Coal | 431 | 463 | (7) | | | 744 | 762 | (2) | | | 1,726 | 1,646 | 5 | |
| | | | | | | | | | | | | | | |
| Automotive | 45 | 96 | (53) | | | 95 | 202 | (53) | | | 2,111 | 2,104 | - | |
| | | | | | | | | | | | | | | |
| Other | - | - | - | | | 63 | 59 | 7 | | | - | - | - | |
| Total Rail | 979 | 1,209 | (19) | | | 1,977 | 2,365 | (16) | | | 2,019 | 1,956 | 3 | |
| | | | | | | | | | | | | | | |
| International | 186 | 253 | (26) | | | 83 | 123 | (33) | | | 446 | 486 | (8) | |
| Domestic | 254 | 255 | - | | | 184 | 218 | (16) | | | 724 | 855 | (15) | |
| Other | - | - | - | | | 3 | 7 | (57) | | | - | - | - | |
| Total Intermodal | 440 | 508 | (13) | | | 270 | 348 | (22) | | | 614 | 685 | (10) | |
| | | | | | | | | | | | | | | |
| Total | 1,419 | 1,717 | (17) | % | | $2,247 | $2,713 | (17) | % | | $1,584 | $1,580 | - | % |
Certain data within Merchandise categories have been reclassified to conform to the current year presentation.
CSX Corporation
REVENUE
CSX experienced significant year-over-year volume and revenue losses caused by the broad-based weakness in the economy. The greatest impact from the economic conditions was in construction and consumer related markets. Despite the challenging environment, the Company’s ongoing yield management initiatives offset lower fuel recovery associated with the sharp decline in fuel prices.
Rail
Merchandise
Chemicals – Continued weakness in the housing, automotive and consumer goods markets has significantly reduced demand for chemical products related to those markets.
Emerging Markets – Aggregates (which include crushed stone, sand and gravel) volume declined due to continued softness in residential construction.
Forest Products – A weak housing market has driven the continued decline of lumber and building products. Paper volume continued to be soft due to electronic media substitution and less packaging being used as a result of slower consumer spending.
Agricultural Products – Volume was flat as increased shipments of ethanol and corn were offset by declines in wheat, soybeans and exports. Strength in corn and ethanol shipments positively impacted revenue and revenue per unit.
Metals – Volume declines were driven by weak global and domestic steel demand in the automotive and construction industries. This weak demand, combined with the credit crisis, caused steel producers to take capacity out of the market in an attempt to balance supply with demand.
Phosphates and Fertilizers – Phosphate production was down due to weak international and domestic demand. Additionally, farmers are cutting back on levels of phosphate and potash application in reaction to lower commodity prices.
Food and Consumer – Weakness in residential construction caused reduced shipments of appliances and other consumer goods.
Coal
Volume declines were driven by a weaker export market and lower demand from electric utilities. The demand for electrical generation from coal was down because of low natural gas prices and lower industrial production.
Automotive
Revenue and volume were down due to declining new car sales resulting from the weak economic environment and low consumer confidence.
Intermodal
International – Volume was down significantly on continued import declines and slowing exports due to the global economic recession. Revenue-per-unit was lower on decreased fuel recovery, partially offset by long-term contract price increases.
Domestic – Volume was flat as continued growth in new truckload conversion and short-haul services help offset the decline in other segments of the domestic market. Revenue-per-unit was lower on decreased fuel recovery and a competitive trucking pricing environment.
CSX Corporation
Expenses decreased $362 million from last year’s quarter. Significant variances are described below.
Labor and Fringe expense decreased $83 million. This decrease was primarily driven by labor productivity initiatives, such as employee furloughs and reduced crew overtime, and lower incentive compensation. These decreases were partially offset by inflation and other items.
Materials, Supplies and Other expense decreased $28 million. This decrease was primarily due to lower volume, decreased cost of risks, lower bad debt expense related to improved collectibility of receivables and other items. These decreases were partially offset by increased inflation.
Fuel expense decreased $250 million due to lower fuel prices and lower volume.
Equipment and Other Rents expense increased by $2 million. Lower volume resulted in lower car hire expense, but was offset by lower car productivity and higher settlement estimates with other railroads.
____________________________________________________________________________________________________________________________________________
EMPLOYEE COUNTS (Estimated) |
| | | | | | | | | | |
| | | | | 2009 | | | | 2008 | |
| | Jan | Feb | Mar | Q1 | Jan | Feb | Mar | Q1 | Average |
| | 2009 | 2009 | 2009 | Average | 2008 | 2008 | 2008 | Average | Change |
| Transportation | | | | | | | | | |
| Rail | 30,347 | 29,444 | 29,037 | 29,609 | 31,388 | 31,233 | 31,323 | 31,315 | (1,706) |
| Intermodal | 964 | 952 | 943 | 953 | 985 | 976 | 964 | 975 | (22) |
| Technology and Corporate | 569 | 572 | 574 | 572 | 566 | 568 | 566 | 567 | 5 |
| Total Transportation | 31,880 | 30,968 | 30,554 | 31,134 | 32,939 | 32,777 | 32,853 | 32,856 | (1,722) |
| | | | | | | | | | |
| Resort and Real Estate | 837 | 565 | 558 | 653 | 1,086 | 892 | 883 | 954 | (301) |
| Total | 32,717 | 31,533 | 31,112 | 31,787 | 34,025 | 33,669 | 33,736 | 33,810 | (2,023) |
| FUEL STATISTICS |
| | Quarters Ended |
| | Mar. 27, | Mar. 28, | |
| | 2009 | 2008 | Change |
Estimated Locomotive Fuel Consumption (Millions of gallons) | 119.6 | 143.6 | 24.0 |
Price Per Gallon (Dollars) | $1.39 | $2.82 | $1.43 |
Total Locomotive Fuel Expense (Dollars in millions) | 166 | 405 | 239 |
Total Non-Locomotive Fuel Expense (Dollars in millions) | 25 | 36 | 11 |
Total Fuel Expense (Dollars in millions) | $191 | $441 | $250 |
|
| | | | | | |
RAIL OPERATING STATISTICS (Estimated) |
| | | | | | |
| | Quarters Ended | |
| | Mar. 27, | Mar. 28, | Improvement | |
Coal (Millions of Tons) | 2009 | 2008 | (Decline) % | |
| Domestic | | | | | |
| Utility | 37.0 | 36.7 | 1 | % | |
| Other | 2.7 | 3.9 | (31) | | |
| Total Domestic | 39.7 | 40.6 | (2) | | |
| Export | 6.1 | 7.6 | (20) | | |
| Total Coal | 45.8 | 48.2 | (5) | | |
| Coke and Iron Ore | 1.2 | 1.9 | (37) | | |
| Total Coal, Coke and Iron Ore | 47.0 | 50.1 | (6) | | |
| | | | | | |
Revenue Ton-Miles (Billions) | | | | | |
| Merchandise | 27.8 | 33.9 | (18) | | |
| Coal | 20.5 | 22.1 | (7) | | |
| Automotive | 0.8 | 1.7 | (53) | | |
| Intermodal | 4.0 | 4.6 | (13) | | |
| Total | 53.1 | 62.3 | (15) | | |
| | | | | | |
Gross Ton-Miles (Billions) | | | | | |
| Total Gross Ton-Miles | 95.5 | 113.5 | (16) | | |
| (Excludes locomotive gross ton-miles) | | | | | |
| | | | | | |
| Safety and Service Measurements | | | | | |
| FRA Personal Injuries Frequency Index | 1.30 | 1.10 | (18) | | |
| Number of FRA-reportable injuries per 200,000 man-hours | | | | | |
| FRA Train Accident Rate | 3.08 | 2.92 | (5) | | |
| Number of FRA-reportable train accidents per million train miles | | | | |
| | | | | | |
| On-Time Train Originations | 83% | 79% | 5 | | |
| On-Time Destination Arrivals | 79% | 69% | 14 | | |
| | | | | | |
Dwell Time (Hours) | 24.1 | 22.7 | (6) | | |
| Cars-On-Line | 218,863 | 221,193 | 1 | | |
| | | | | | |
System Train Velocity (Miles per hour) | 21.6 | 20.8 | 4 | | |
| | | | | | |
| | | | Increase | |
| Resources | | | (Decrease) % | |
| Route Miles | 21,178 | 21,225 | - | | |
Locomotives (Owned and long-term leased) | 4,129 | 4,049 | 2 | | |
Freight Cars (Owned and long-term leased) | 90,027 | 93,351 | (4) | % | |
