Tuesday, April 23, 2013

NS 1Q earnings rise

Written by 

Norfolk Southern Corp. Tuesday afternoon reported a first-quarter 2013 net profit of $450 million, or $1.41 a share, up from $410 million, or $1.23 a share, in 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 19 cents per diluted share.

Revenue of $2.7 billion slipped 2% from the first quarter of 2012. NS's operating ratio was 74.8%, compared with 73.3% in the first quarter of 2012.

First-quarter coal revenue declined $635 million, or 17%, from the comparable 2012 quarter. Offsetting that to some degree was a rise in intermodal revenue, up 9% to $573 million compared with a year ago.

"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.”