CSX 3Q Profit Increased, Boosted by Higher Prices and Volumes
October 20 2022 - 4:47PM
Dow Jones News
By Jeffrey T. Lewis
CSX Corp.'s profit rose in the third quarter from a year
earlier, as higher volumes and higher prices boosted revenue.
The Jacksonville, Fla.-based railroad company reported net
income of $1.11 billion, compared with $968 million in the third
quarter of 2021. Earnings per share reached 52 cents from 43 cents
a year earlier.
Operating income rose to $1.58 billion from $1.44 billion.
Revenue rose 18% from a year earlier to $3.90 billion, helped by a
higher fuel surcharge, pricing gains, a 2% increase in volumes and
higher storage and other revenues, the company said.
Sales and profit outperformed market expectations. The
consensus, as compiled by FactSet, was for revenue of $3.74 billion
and net income of $1.06 billion.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
October 20, 2022 16:32 ET (20:32 GMT)
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