Norfolk Southern 1Q profit improved 10 pct. on higher railroad volume and land sale

By The Associated Press
April 23 2013 01:36 PM

CP23054089 — In this Tuesday, Oct. 9, 2012, photo, a Norfolk Southern Railroad train pulls transport cars full of coal near Goodfield, Ill. Norfolk Southern Corp. reports quarterly financial results after the market closes on Tuesday, April 23, 2013. (AP Photo/Seth Perlman)

NORFOLK, Va. – Norfolk Southern says its first-quarter profit improved 10 per cent as an increase in railroad shipping volume and a land sale helped offset continued weak coal demand.

The Norfolk, Va.,-based railroad said Tuesday that it generated $450 million net income, or $1.41 per share, on $2.74 billion revenue. That’s up from $410 million, or $1.23 per share, a year ago.

The railroad beat Wall Street expectations, even without a one-time profit of $60 million on the sale of land to Michigan that added 19 cents per share to Norfolk Southern’s earnings.

Analysts surveyed by FactSet expected Norfolk Southern to report earnings of $1.17 per share on $2.78 billion in revenue.

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Online:

Norfolk Southern Corp.: www.nscorp.com

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