NS reports record third quarter results

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NS - Clint Renegar
Clint Renegar
NORFOLK, Va. – Norfolk Southern reports third quarter net income of $559 million, 16 percent higher than $482 million for the same period of 2013. Diluted earnings per share were $1.79, up 17 percent compared with $1.53 per diluted share in the same period last year. The railway operating ratio improved 4 percent to 67.0 percent.

Railroad operating revenues rose 7 percent compared to the same period in 2013 to top $3 billion for a second consecutive quarter as growth in the merchandise and intermodal markets offset a weaker coal market.

Third quarter results for specific commodity groups results show intermodal was up 10 percent, coal was down 2 percent, chemicals and crude oil were up 14 percent, metals and construction material were up 11 percent, agriculture was up 5 percent, automotive was up 12 percent, and paper/forest products were up 3 percent.

A key message of Wednesday’s earnings call was that while NS posted excellent results in the third quarter, the results could have been better yet if train velocity had been sufficient to enable the railroad to take advantage of increased demand, and the railroad’s drop in service levels was disappointing, as NS was not able to provide the quality of service that its customers are used to.

NEWSWIRETrains News Wire

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