CSX Corporation announced Tuesday its third quarter net earnings jumped 12 percent to hit a record third quarter for the company.
The Jacksonville, Florida-based railroad company logged $464 million in earnings over the three-month period versus $414 million a year ago, according to a company statement. Earnings per share rose 19 percent to $0.43 per share.
Third quarter revenue grew 11 percent year over year to nearly $3 billion on strength across major markets and as the value of freight rail transportation and fuel recoveries offset increased costs.
Even as the economy moderated, CSX delivered strong financial results while investing in additional resources to strengthen customer service, said Michael J. Ward, chairman, president and chief executive officer, in the statement.
The company also said it expects to reach its target of 65 percent operating ratio by 2015.
CSX's network covers about 21,000 miles, provides service to 23 eastern states and the District of Columbia, and connects to more than 240 short line and regional railroads, according to the company.