Norfolk Southern reports record profits in fourth quarter
THE TAKE: Norfolk-based Norfolk Southern reported record net income of $513 million for the fourth quarter of 2013, up 24 percent from the year before. Railroad operating revenues totaled $2.9 billion, up 7 percent.
Net income: $513 million, up 24 percent from the same quarter the previous year
Diluted earnings per share: $1.64, up 26 percent
Railroad operating revenues: $2.9 billion, up 7 percent
Net income: $1.9 billion, up 9 percent from 2012
Diluted earnings per share: $6.04, up 12 percent
Railroad operating revenues: $11.2 billion, up 2 percent.
THE COMPANY’S TAKE:
Norfolk Southern CEO Wick Moorman said record-setting results in the fourth quarter stemmed from increased productivity, efficient network operations and continued revenue gains. The company plans to invest $2.2 billion in in its operations 2014, an increase of 12 percent over 2013.
The revenue growth was achieved despite a 2 percent decline in coal revenues, to $641 million. General merchandise revenues grew 12 percent to $1.6 billion.