Norfolk Southern’s 3Q Income Rises
Norfolk Southern Corp. said its third-quarter profit increased 16% and revenue rose 7%.
Net income increased to $559 million, or $1.79 per share, from $482 million, or $1.53, a year ago. Third-quarter revenue increased to $3 billion, the eastern U.S. freight railroad said.
Intermodal revenue rose 10% to $667 million, and volume increased by the same percent, according to the Norfolk, Virginia-based railroad.
Income from railway operations rose 18% to $998 million as coal revenue declined 2% to $626 million due to a weak global market, mild weather and lower natural-gas prices.
“Higher traffic volumes along with continued gains in productivity drove these excellent results. We remain focused on ensuring we can support continued demand for freight rail transportation by hiring additional employees, investing in new equipment and completing capacity projects,” Norfolk Southern CEO Wick Moorman said in a statement.