Jan. 22,
2014
Norfolk Southern reports
record-setting 2013 fourth-quarter and full-year results
NORFOLK, VA. – Norfolk Southern reported record fourth-quarter 2013 net income of
$513 million, or $1.64 per diluted share, 24 percent higher compared with $413
million, or $1.30 per diluted share, earned in the fourth quarter of 2012. The
railway operating ratio, or operating expenses as a percentage of revenue,
improved 5 percent to 69.4 percent.
Fourth-quarter
2013 records
§ Railway operating
revenues totaled $2.9 billion, up 7 percent.
§ Income from
railway operations was $881 million, 23 percent higher.
§ Net income
totaled $513 million, up 24 percent.
§ Diluted earnings
per share of $1.64 improved 26 percent.
2013
Records
§ Railway operating
revenues reached $11.2 billion, up 2 percent.
§ Income from
railway operations was $3.3 billion, 4 percent higher.
§ Net income
totaled $1.9 billion, up 9 percent.
§ Diluted earnings
per share of $6.04 improved 12 percent.
§ The railway
operating ratio improved 1 percent to 71.0 percent.
“Norfolk
Southern’s team of safety and service-oriented employees drove our
record-setting fourth-quarter results through increased productivity, efficient
network operations, and continued revenue gains,” said Norfolk Southern CEO Wick
Moorman. ”We’re seeing the results of our investments in network capacity and
technology enhance our ability to offer superior service to all of our
customers.
Moorman
continued: “In 2014, we plan to invest $2.2 billion, a 12 percent increase over
2013, to maintain safe railway operations, purchase locomotives and freight cars,
and support growth and productivity initiatives.”
Fourth Quarter 2013
Summary
Operating revenues increased to $2.9 billion, marking a 7 percent
jump compared with fourth-quarter 2012. Strong intermodal, chemical, automotive, and
agricultural shipments more than offset declines in coal traffic to drive total
volumes up 4 percent.
Fourth-quarter revenue by
commodity group
§ Chemicals
up 21 percent.
§ Metals
and construction up 12 percent.
§ Intermodal up 6 percent.
§ Agriculture up 9 percent.
§ Automotive up 10 percent.
§ Paper and
forest products up 8 percent.
§ Coal down
2 percent.
General merchandise revenues were $1.6 billion, 12 percent higher than
the same period last year. Strong crude by rail shipments and expanded
automotive production helped boost traffic volume by 8 percent in the
quarter.
Coal revenues were $641 million, 2
percent lower compared with the fourth quarter of 2012, the result of an 8
percent decline in volumes.
Intermodal
revenues increased to $618 million, a 6 percent increase over 2012. Growth in
domestic and international business pushed traffic volume up 6 percent in the
quarter compared with the same period of 2012.
Railway
operating expenses were $2 billion, 2 percent higher than in the same period of
2012. The
operating ratio was 69.4 percent, a 5 percent improvement over the same quarter
in 2012. Income from
railway operations was $881 million, 23 percent higher compared with
fourth-quarter 2012.
2013
Summary
- · Net income was $1.9 billion, or $6.04 per diluted share, 9 percent higher compared with $1.7 billion or $5.37 per diluted share in 2012.
- · Railway operating revenues reached $11.2 million, 2 percent higher compared with 2012, driven by a 3 percent increase in traffic volume.
- · General merchandise revenues rose 7 percent, and traffic volume increased by 4 percent.
- · Coal revenues declined 12 percent to $2.5 billion, due to a 5 percent decline in traffic volume compared with the same period of 2012.
- · Intermodal revenues increased to $2.4 billion, up 6 percent compared with 2012. Growth in domestic and international intermodal business drove traffic volume 6 percent higher for 2013 compared with the same period of 2012.
- · Railway operating expenses were $8 billion, up 1 percent compared with 2012.
- · The operating ratio for the year was 71.0 percent, a 1 percent improvement over 2012.
- · Income from railway operations was $3.3 billion for 2013, 4 percent higher compared with 2012.
Norfolk Southern
Corporation is
one of the nation’s premier transportation companies. Its Norfolk Southern
Railway 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: