Diluted earnings per share were an all-time record $1.60, up 3%, beating Wall Street analyst estimates. Second-quarter 2011 net income included favorable, non-recurring income tax-related benefits totaling $63 million, or 18 cents per diluted share
Income from railway operations for the second quarter was $934 million, up 7% from the same period last year. The railway operating ratio improved 2 percentage points to an all-time record 67.5%.
“In the second quarter, Norfolk Southern continued to deliver outstanding results,” Moorman said. “Our railroad continues to operate extremely well, and that enables us to control costs and operate efficiently while providing high levels of service for our customers.”
He said operating revenue of $2.9 billion were essentially flat compared to 2011. General merchandise revenues improved 9% to $1.6 billion. Coal revenues declined 15% to $755 million. Intermodal revenue increased 4% to $563 million, with domestic intermodal volume rising 10%. Automotive volume and revenue rose 16% and 9%, respectively. Railway operating expenses fell 3% to $1.9 billion, compared with 2011.