|Norfolk Southern hauls in 20 pct higher 3Q profit||| Print ||
|Written by Associated Press|
|Wednesday, 23 October 2013 08:43|
OMAHA, Neb. (AP) — Norfolk Southern's third-quarter profit surged 20 percent despite weak coal deliveries thanks to rising volumes and rate increases elsewhere.
The Norfolk, Va., railroad posted $482 million in net income, or $1.53 per share. That's up from $402 million, or $1.24 per share, a year ago.
Revenue grew 5 percent to $2.8 billion as it hauled 4 percent more carloads.
Both beat Wall Street expectations, according a poll from FactSet, with analysts expecting per-share earnings of $1.39 and $2.77 billion in revenue.
The railroad said Wednesday that strength in shipments of chemicals, construction materials, intermodal containers and vehicles offset a 9 percent decline in coal revenue.
Shares of Norfolk Southern Corp. gained $1.42 to sell for $82.02 in premarket trading Wednesday.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.