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)