LOS ANGELES, April 16 (Reuters) - CSX Corp on Tuesday reported quarterly profit that topped Wall Street’s expectations, after the No. 3 U.S. railroad operator contained costs and pushed through price increases.
First-quarter net profit was $834 million, or $1.02 per share, up from $695 million, or 78 cents per share, a year earlier.
CSX’s operating ratio, a measure of operating expenses as a percentage of revenue and a closely watched gauge of railroad performance, was 59.5 percent versus 63.7 percent in the year-ago quarter. Railroads boost profit by lowering their operating ratio. (Reporting by Lisa Baertlein in Los Angeles; Editing by Dan Grebler)