CSX Corporation CSX reported third-quarter 2017 earnings of 51 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings came in 6.3% higher than the year-ago figure.Revenues of $2,743 million missed the Zacks Consensus Estimate of $2,769.4 million. However, the figure improved 1.2% year over year owing to core pricing gains. Overall volumes also inched up 1% year over year.The revenue miss disappointed investors. Consequently, the stock slid 1.6% in early trading.Also, third-quarter operating income (on a reported basis) improved 4% year over year to $876 million. While the operating ratio (operating expenses as a percentage of revenues) reportedly improved 90 basis points to 68.1%, operating expenses remained flat year over year to $1,867 million.Adjusted operating income in the third quarter was $877 million. On an adjusted basis, the operating ratio for the reported quarter was 68%.Driven by improved efficiencies, CSX expects the bottom line to expand between 20% and 25% in 2017 on a reported basis over 2016 levels. Operating ratio in the high end of mid-60s is expected in 2017. The company expects free cash flow before dividends (excluding restructuring costs) of around $1.5 billion in 2017.Segmental PerformanceMerchandise revenues slipped 3% year over year to $1,688 million in the quarter.Coal revenues rose 10% year over year to $514 million owing to 5% expansion in volumes.Intermodal revenues improved 5% year over year to $446 million. On a year-over-year basis, volumes expanded 5%.Other revenues grossed $95 million, up 23% year over year.CSX Corporation Price, Consensus and EPS Surprise CSX Corporation Price, Consensus and EPS Surprise | CSX Corporation QuoteLiquidity & BuybackThis Zacks Rank #4 (Sell) company exited the third quarter with cash and cash equivalents of $591 million compared with $603 million at the end of 2016. Long-term debt totaled $11,788 millioncompared with $10,962 millionat the same time around. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.For the period ending Sep 30, 2017, net cash provided by operating activities was$2,861 million compared with $2,488 million in the year-ago period. During the third quarter, the company completed a $1.5 billion share repurchase program, announced in April and expanded in July.Upcoming ReleasesInvestors interested in the railroad space are keenly waiting for third-quarter earnings reports from key players like Canadian National Railway Company CNI, Kansas City Southern KSU and Norfolk Southern Corporation NSC. Canadian National is scheduled to report third-quarter results on Oct 24, while Kansas City Southern and Norfolk Southern will report on Oct 20 and Oct 25, respectively.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kansas City Southern (KSU): Free Stock Analysis Report CSX Corporation (CSX): Free Stock Analysis Report Canadian National Railway Company (CNI): Free Stock Analysis Report Norfolk Souther Corporation (NSC): Free Stock Analysis Report To read this article on Zacks.com click here.