/PRNewswire/ Peabody (NYSE: BTU) today reported net income attributable to common stockholders of $119.9 million, or $0.82 per diluted share, for the third.
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"We faced many challenges in the quarter, including continued inflationary pressures and a drop in carloads," said Chief Executive Officer Jim Vena. Elevated inflation and higher borrowing costs have reduced consumer demand for goods, driving down freight volumes hauled by rail, while labor costs for the company jumped on increased hiring after the railroad industry faced criticism for inadequate services. Its operating ratio, a key metric that indicates operating expenses as a percentage of revenue, rose to 63.4% in the third quarter from 59.9% reported a year ago.
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