Norfolk Southern Reports 1Q Net Income of $450 Million, Up From $410 Million in 1Q 2012
Date Posted: April 24, 2013
Norfolk, VAFor the first quarter of 2013, Norfolk Southern Corporation reported net income of $450 million, or $1.41 per diluted share, 10 percent higher than $410 million, or $1.23 per diluted share, for the first quarter of 2012.
First-quarter results included a gain from the sale of land to the Michigan Department of Transportation, which increased net income by $60 million, or $0.19 per diluted share.
“We’re pleased with Norfolk Southern’s first-quarter results, which illustrate our diverse customer base, superior operating performance, productivity initiatives, and expense controls,” said CEO Wick Moorman.
“We are working to ensure that our rail franchise continues to thrive regardless of how our business mix changes.”
Railway operating revenues were $2.7 billion, 2 percent lower compared with first-quarter 2012, but shipment volumes increased 3 percent.
General merchandise revenues were $1.5 billion, 2 percent higher compared with first-quarter 2012, driven by increased shipments of chemicals and automobiles.
First-quarter coal revenues were $635 million, down 17 percent compared with the same quarter last year, due to lower average revenue per unit and a 4 percent decline in volume, the result of mild winter weather and low natural gas prices.
Intermodal revenues climbed 9 percent to $573 million as volumes increased by 9 percent compared with first-quarter 2012.
Railway operating expenses for the quarter were $2.0 billion, about even compared with first-quarter 2012.
Income from railway operations for the first quarter was $691 million, 7 percent lower compared with the same period of 2012.
The railway operating ratio was 74.8 percent compared with 73.3 percent for first-quarter 2012.
For more information, call 757-629-2710.