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CSX quarterly earnings climb on higher revenue, lower expenses

U.S. railroad operator CSX Corp. reported higher earnings for the third quarter compared with the same quarter of 2017, driven by strong revenue gains and lower expenses.

Net earnings for the quarter that ended Sept. 30 came in at $894 million, or $1.05 per diluted share, up by 95% from $459 million, or 51 cents per diluted share, in the same period a year prior.

The company's operating ratio for the quarter stood at 58.7%, compared with 68.4% in the year-ago period.

Revenue for the quarter rose by 14% to $3.13 billion from $2.74 billion, primarily driven by broad-based volume growth, favorable mix, increases in fuel recovery, and higher supplemental revenue and pricing gains, according to the company.

Operating income increased by 49% to $1.29 billion from $868 million in the same quarter last year.

Total expenses for the quarter declined to $1.84 billion from $1.88 billion as efficiency gains offset expenses from increased volume and higher fuel prices.

In the nine months that ended Sept. 30, CSX's net earnings came in at $2.47 billion, or $2.83 per diluted share, up from $1.33 billion, or $1.45 per diluted share, in the same period last year.