Norfolk Southern posts 13 percent increase in profit
- January 28, 2009
Norfolk Southern reported a 13 percent increase in profit in the fourth quarter despite a decrease in freight volume because of the recession.
The Norfolk-based railroad reported a profit of $452 million, 13 percent above the same quarter the previous year. During the quarter, the company saw an 8 percent decrease in traffic volume.
For the full year, the company’s revenue increased 13 percent to $10.7 billion. At the same time, traffic volume fell 3 percent.
Railroads have been able to make up for a decrease in freight volume with higher prices for shipments. (The Virginian-Pilot)