“As a result of those changes, we now expect our full year tax rate to be around 23%.”

In context

“mpact of the labor charge. Throughout my remarks, I will speak to the adjusted results. Operating revenue totaled $6.6 billion, up 18% versus 2021 on 3% year-over-year volume growth. As we have seen throughout the year, higher fuel prices are the primary contributor to higher operating expenses, which increased 22% to $3.8 billion. Excluding the impact of higher fuel prices, our expenses were up 10% in the quarter. Third quarter adjusted operating income totaled $2.7 billion, a 13% increase versus 2021. Other income increased $86 million driven by higher real estate income, including a $35 million gain on sale and pension benefit. Income tax expense increased 13% as a result of higher pretax income, partially offset by corporate income tax rate reductions in three of our operating states. As a result of those changes, we now expect our full year tax rate to be around 23%. Adjusted net income of $2 billion increased 18% versus 2021, and adjusted earnings per share was up 24% to $3.19. Operating revenue, operating income, net income and earnings per share were all quarterly records. Looking more closely at third quarter freight revenue, Slide 17 provides a breakdown, which totaled $6.1 billion, up 18% versus 2021. Year-over-year volume gains, supported by our business development efforts and sequentially improving operational fluidity, increased freight revenue 325 basis points. Fuel surcharge revenue impacted revenue 13 points, reflecting the impact of higher year-over-year diesel prices and the two-month lag in our recovery program. Total fuel surcharge revenue was $1.2 billion in the quarter. Strong pricing gains when combined with a slightly negative bus”