July 17, 2018 / 8:40 PM / 4 months ago

CSX profit tops Wall St target on expense controls, shares rise

July 17 (Reuters) - CSX Corp on Tuesday posted a second-quarter profit that topped Wall Street’s target after the No. 3 U.S. railroad operator continued to benefit from its drive to slash expenses and boost efficiency.

CSX shares rose 2.9 percent to $66.28 in extended trading on Nasdaq.

Jacksonville, Florida-based CSX had net income of $877 million, or $1.01 per share, up from $510 million, or 55 cents per share, in the year-earlier quarter that included a restructuring expenses.

Analysts, on average, had expected earnings of 87 cents in the latest quarter, according to Thomson Reuters I/B/E/S.

Its operating ratio, which measures operating expenses as a percentage of revenue and is a closely watched gauge of railroad performance, came in at 58.6 percent versus 67.4 percent in the year-earlier quarter. (Reporting by Lisa Baertlein in Los Angeles; Editing by Richard Chang)

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