“I am pleased to report another record-breaking quarter for Norfolk Southern, during which we achieved first-quarter highs in revenues, operating income, net income, and earnings per share,” said CEO Wick Moorman (pictured). “The benefits of our steady focus on service and operating efficiency are reflected in our results, and we continue to position our franchise for sustained growth through strategic investments in infrastructure.”
Compared with the first quarter of 2011, railway operating revenues improved 6% to $2.8 billion, primarily as the result of a 5% increase in revenue per unit; general merchandise revenues improved 13% to $1.5 billion; coal revenues declined 6% to $766 million; and intermodal revenues improved to $527 million.
Railway operating expenses were up 1% to $2 billion from first-quarter 2011. The increase was largely due to higher fuel prices, compensation costs, and materials expenses, offset in part by the absence of last year’s non-cash charge. Income from railway operations for the first quarter increased 24% to $745 million.
The operating ratio improved 5% to 73.3% compared with first-quarter 2011, and equaled the first-quarter record.