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10/21/2022
CSX Corp. yesterday reported third-quarter 2022 net income rose 15% to $1.1 billion, or 52 cents in diluted earnings per share, from $968 million, or 43 cents per share, a year ago.
The Class I's Q3 2022 revenue climbed 18% to $3.9 billion, driven by higher fuel surcharge, pricing gains, a 2% increase in volumes and an increase in storage and other revenue, CSX officials said in a press release.
CSX posted Q3 opening income of $1.58 billion, up 10% from a year ago; and an operating ratio of 59.5%, up from 56.4%.
Third-quarter results included additional labor and fringe expenses related to tentative union agreements, with $42 million specifically to adjust for wage, bonus, and other benefit costs in prior periods, company officials said.
CSX President and CEO Joseph Hinrichs thanked former President and CEO James Foote and the CSX team for delivering "solid earnings growth" in the quarter. Hinrichs succeeded Foote in mid-September after Foote announced his retirement.
"CSX has great potential for profitable growth over the long-term, and my key objective is to help ensure that we realize this opportunity while building a robust organization that will help drive additional value for our customers, our employees and our shareholders," Hinrichs said.