Norfolk Southern Reports 3Q Net Income of $482 Million, Up From $402 Million in 3Q 2012
Date Posted: October 24, 2013
Norfolk, VA—Norfolk Southern reported third-quarter net income of $482 million, 20 percent higher than $402 million for the same period of 2012.
Diluted earnings per share were $1.53, up 23 percent compared with $1.24 per diluted share in the third quarter last year.
“Norfolk Southern delivered strong results, led by growth in our chemicals, metals/construction, intermodal, and automotive businesses, combined with ongoing productivity improvements,” said CEO Wick Moorman.
“Even in the face of continuing weakness in the coal markets, our focus on service efficiency and velocity allowed us to provide superior performance for our customers and excellent results for our shareholders.”
Railway operating revenues were $2.8 billion, 5 percent higher compared with third-quarter 2012, with shipment volumes increasing 4 percent.
For the third quarter, general merchandise revenues were $1.6 billion, 11 percent higher compared with the third quarter of 2012, primarily as a result of a 6 percent growth in shipments.
Coal revenues were $641 million, 9 percent lower compared with the third quarter last year, due to lower average revenue per unit and a 2 percent decline in volumes.
Intermodal revenues were $605 million, a 7 percent increase compared with third-quarter 2012.
Volumes increased 5 percent due to continued domestic and international growth.
Railway operating expenses for the third quarter totaled $2.0 billion, 1 percent higher compared with the same period of 2012.
Income from railway operations for the third quarter was $849 million, 16 percent higher compared with the same period last year.
The railway operating ratio for the third quarter improved 3 percentage points to 69.9 percent compared with 72.9 percent in the same quarter last year.
For more information, call 757-629-2710.