Wednesday, October 23, 2013

NS sports solid 3Q earnings

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Norfolk Southern Wednesday, Oct. 23, 2013 reported third-quarter net income of 482 million, up 20% from the $402 million reported in the third quarter of 2012. Diluted earnings per share were $1.53, up 23% compared with $1.24 per diluted share in comparable quarter last year.

Revenue rose 5% to $2.8 billion, aided by a 4% rise in shipment volume. NS noted its operating ratio for the quarter was 69.9%, an improvement of 3 percentage points.

"Norfolk Southern delivered strong results, led by growth in our hemicals, metals/construction, intermodal, and automotive businesses, ombined with ongoing productivity improvements," said CEO Wick oorman. "Even in the face of continuing weakness in the coal markets, ur focus on service efficiency and velocity allowed us to provide superior performance for our customers and excellent results for our hareholders."

Intermodal revenue of $605 million, up 7% compared with a year ago, helped offset the railroad's anticipated decline in coal revenue, which was $641 million, or 9% lower than the third quarter of 2012.