Railroad operator CSX's quarterly profit tops Wall Street target

CSX Corp on Tuesday reported quarterly profit that topped Wall Street’s view, as the No. 3 U.S. railroad operator benefited from ongoing cost-cutting, broad-based volume growth and higher prices for moving freight.

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Third-quarter net income was $894 million, or $1.05 per share, topping the average estimate of 94 cents, according to Refinitiv data. In the same period last year, CSX earned $459 million, or 51 cents per share.

Revenue increased 14 percent over the year-ago quarter to $3.13 billion.

Expenses fell 2 percent to $1.84 billion, as expenses associated with increased volume and higher fuel prices were more than offset by efficiency gains.

Shares inched up 0.6 percent to $72.65.