April 23,
2014
Norfolk Southern
reports first-quarter 2014 results
NORFOLK,
VA. – Norfolk Southern reported first-quarter net income of $368 million,
or $1.17 per diluted share, compared with $450 million, or $1.41 per diluted
share, earned in the same period of 2013. First-quarter
2013 net income included a $60 million, or $0.19 per diluted share, gain from a
land sale.
First-Quarter
2014 Results
§ Railway operating
revenues totaled $2.7 billion.
§ Income from
railway operations was $667 million.
§ Net income
totaled $368 million.
§ Diluted earnings
per share of $1.17.
§ The railway
operating ratio was 75.2 percent.
“Following
the extreme winter weather across the U.S. rail network which impacted
first-quarter results, we are seeing a rebound in shipments across all of our
business,” said Norfolk Southern CEO Wick Moorman. “Our people responded
admirably to meet the challenges of the harsh conditions, and we remain focused on delivering superior service to our
customers.”
Railway
operating revenues were $2.7 billion, 2 percent lower compared with
first-quarter 2013, and shipment volumes decreased 1 percent.
First-Quarter
Revenue by Commodity
§ Chemicals, up 12 percent.
§ Intermodal, up 4 percent.
§ Agriculture, even.
§ Metals/Construction, down 1 percent.
§ Paper/Forest, down 3 percent.
§ Automotive, down 7 percent
§ Coal,
down 15 percent.
For the first quarter, general merchandise revenues were $1.6 billion, 1
percent higher than the same period last year, despite overall volume declining
1 percent. Increased crude and liquefied petroleum gas shipments were offset by
declines in automotive, metals/construction, and paper/forest
shipments.
Intermodal
revenues improved 4 percent, to $596 million, compared with first-quarter 2013.
Growth primarily in domestic business pushed traffic volume up 3 percent in the
quarter compared with the same period of 2013.
First-quarter
coal revenues were $541 million, 15 percent lower compared with the same quarter
of 2013, the result of a 13 percent volume decrease due primarily to lower
utility and export shipments.
Railway
operating expenses for the first quarter were $2 billion, 1 percent lower than
in the same period of 2013.
Income
from railway operations was $667 million, 3 percent lower compared with
first-quarter 2013.
The quarterly railway operating ratio, or operating expenses as a percentage of revenue, was 75.2 percent
versus 74.8 percent in the same period of 2013.
Norfolk
Southern Corporation
(NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk
Southern Railway Company subsidiary operates approximately 20,000 route
miles
in 22 states and the District of Columbia, serves every major container port in
the eastern United States, and provides efficient connections to other rail
carriers. Norfolk Southern operates the most extensive intermodal network in the
East and is a major transporter of coal, automotive, and industrial
products.
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Norfolk Southern
contacts: