Rail

CSX Profit Surges on Volume Gains and Operational Efficiency

CSX reported third-quarter profit growth driven by volume expansion, elevated fuel surcharge revenue and productivity improvements. Revenue climbed 12% to a record level, while earnings per share jumped 54% to 57 cents. The railroad's operating ratio improved to 60.8, an 8-point improvement year-over-year, as expenses declined 2%. Overall freight volume increased 5% for the quarter. Intermodal shipments rose 7%, merchandise climbed 3%, and coal grew 2%. Reduced trucking availability and high truck rates benefited domestic intermodal traffic. New service offerings, including interline service with BNSF through Birmingham, and double-stack operations following the Howard Street Tunnel project completion in Baltimore, bolstered volume gains. Productivity improved 6% per employee in gross ton-miles. CSX raised its full-year revenue growth forecast to high single-digits from mid-single-digit guidance.