LOS ANGELES, Jan 16 (Reuters) - CSX Corp on Wednesday reported quarterly profit that topped Wall Street’s view, on increased shipments by the No. 3 U.S. railroad operator and higher prices for transporting freight.
Fourth-quarter net earnings were $843 million, or $1.01 per share, versus $4.14 billion, or $4.62 per share, last year when it booked a tax reform benefit resulting from the Tax Cuts and Jobs Act of 2017 and a restructuring charge.
Analysts, on average, had expected a profit of 99 cents per share for the latest quarter, according to Refinitiv IBES data.
Its operating ratio, a measure of operating expenses as a percentage of revenue and a closely watched gauge of railroad performance, was 60.3 percent versus 60.7 percent in the year-earlier quarter. Railroads boost profits by lowering their operating ratio.
Reporting by Lisa Baertlein in Los Angeles; Editing by Richard Chang