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Home News Regions Eastern Virginia Norfolk Southern reports record profits in fourth quarter

Norfolk Southern reports record profits in fourth quarter

Published January 22, 2014 by Robert Powell, III

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.

THE NUMBERS:

Fourth quarter
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

2013

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.

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