CSX Corp on Tuesday reported quarterly profit that topped Wall Street's exp...
LOS ANGELES - CSX Corp on Tuesday reported quarterly profit that topped Wall Street’s expectations, after the No. 3 U.S. railroad operator pushed through price increases and contained labor and fuel costs by running fewer, but longer, trains.
Shares jumped 3.8 percent to $78.74 in after-hours trading after efficiency efforts at CSX, which serves the eastern third of the United States and the Canadian provinces of Ontario and Quebec, continued to yield results. 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.
“Generally, end-market demand remains stable,” Chief Executive Jim Foote said on a conference call with analysts.
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