CSX quarterly profit tops view on price increases, cost cuts

CSX quarterly profit tops view on price increases, cost cuts

CSX Corp on Tuesday reported quarterly profit that topped Wall Street's expectations, after the No. 3 U.S. railroad operator contained costs and pushed through price increases.

File photo of a CSX freight train blasting through high snow at a crossing in Silver Spring
A CSX freight train blasts through high snow at a crossing in Silver Spring, Maryland, in a February 13, 2014 file photo. REUTERS/Gary Cameron/Files/File Photo

LOS ANGELES: CSX Corp on Tuesday reported quarterly profit that topped Wall Street's expectations, after the No. 3 U.S. railroad operator contained costs and pushed through price increases.

First-quarter net profit was US$834 million, or US$1.02 per share, up from US$695 million, or 78 cents per share, a year earlier.

CSX's operating ratio, a measure of operating expenses as a percentage of revenue and a closely watched gauge of railroad performance, was 59.5 percent versus 63.7 percent in the year-ago quarter. Railroads boost profit by lowering their operating ratio.

(Reporting by Lisa Baertlein in Los Angeles; Editing by Dan Grebler)

Source: Reuters

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