CSX announced a third-quarter 2022 operating income of $1.58 billion compared to $1.44 billion in the prior year.
Net earnings of $1.11 billion, or $0.52 per share, compared to $968 million, or $0.43 per share, in the same period last year.
Revenue reached $3.9 billion for the quarter, increasing 18% year-over-year, driven by higher fuel surcharge, pricing gains, a 2% increase in volumes and storage and other revenues.
Operating income of $1.58 billion increased by 10% compared to the prior year. Third quarter results include additional labor and fringe expense related to tentative union agreements, with $42 million specifically to adjust for wage, bonus, and other benefit costs in prior periods.
“I am tremendously excited to work with all the railroaders who make this performance possible and to lead an organization that is fundamentally committed to operational excellence,” Joe Hinrichs, president and chief executive officer, said. “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.”
The operating ratio increased to 59.5%, including the effect of the tentative union agreements.