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Wednesday, July 24, 2013
OMAHA, Neb. — Norfolk Southern said Tuesday that its second-quarter profit slid 11 percent, as the railroad struggled to offset continued weak coal demand and shipping volume grew by only 2 percent.
The Norfolk-based railroad reported $465 million net income, or $1.46 per share, during the quarter. That’s down from $524 million, or $1.60 per share, last year.
Revenue declined 3 percent to $2.8 billion.
The railroad has shops in Roanoke.
Analysts surveyed by FactSet expected earnings of $1.49 per share on revenue of $2.85 billion. Norfolk Southern said coal revenue fell 17 percent to $626 million because of continued weak demand, especially for export coal.
Norfolk Southern CEO Wick Moorman defended the railroad’s results.
“The company delivered very solid results for the second quarter, given the combined headwinds of what we’ve seen in coal and the unfavorable comparison in the fuel surcharge revenue lag,” Moorman said.
Norfolk Southern operates about 20,000 miles of track in 22 states and the District of Columbia.
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