CSX Corp. on Oct. 17 reported a 6% increase in EPS of 51 U.S. cents on a GAAP basis in the third quarter of 2017 from 48 cents per share in the year-ago period. Net earnings attributable to the company climbed to $459 million from $455 million.
The company's operating income for the quarter ended Sept. 30 improved 4% to $876 million.
The company's revenue for the quarter was 1% higher year over year at $2.74 billion from $2.71 billion, supported by core pricing gains, partially offset by the impact of unfavorable mix.
Expenses declined $2 million year over year with efficiency gains of $95 million more than offsetting the cost of inflation and fuel costs, that were 19% higher on a per-gallon basis compared to the third quarter of 2016.
After adjusting for its restructuring expenses, CSX expects an EPS growth of 20% to 25% off the 2016 reported base of $1.81.
"The company's results for the third quarter reflect the resiliency of Precision Scheduled Railroading, even during times of transition," said E. Hunter Harrison, president and CEO of the railroad company.