Tuesday, January 24, 2012

NS earnings, revenue records topple

Written by  Luther S. Miller, Senior Consulting Editor

Norfolk Southern late Tuesday reported a series of significant records for 2011: Railway operating revenues reached $11.2 billion, up 17%; income from railway operations climbed 20% to $3.2 billion; net income was $1.9 billion, up 28%; and diluted earnings per share increased 36% to $5.45.

“Norfolk Southern achieved all-time records for revenues, operating income, net income, and earnings per share during 2011, and set fourth-quarter records for revenues, net income, and earnings per share," said Norfolk Southern CEO Wick Moorman. “In 2012 we will remain committed to enhancing our service product, maintaining the safety and quality of our rail network, improving operational efficiency, and supporting growth. Our strong capital program of $2.4 billion will include substantial investments along our Crescent Corridor, a public-private partnership to create a high-capacity, truck-competitive intermodal freight rail route between the Gulf Coast and Northeast.”

“As part of this program of projects, we plan to open intermodal terminals in Alabama, Pennsylvania, and Tennessee later in the year. Facilities such as these relieve congested freight lines and highways, and are proven centers for creating jobs and economic development.”