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Norfolk Southern announced Q1 result
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Thursday, 26 Apr 2012

For the first quarter of 2012, Norfolk Southern Corporation reported net income of USD 410 million (USD 1.23 per diluted share), 26% higher than USD 325 million (USD 0.90 per diluted share) for the first quarter of 2011. First quarter 2011 results included a USD 58 million non cash charge that reduced net income by USD 36 million.

Compared with the first quarter of 2011, in the first quarter of 2012: railway operating revenues improved 6% to USD 2.8 billion, primarily as the result of a 5% increase in revenue per unit
General merchandise revenues improved 13% to USD 1.5 billion
Coal revenues declined 6% to USD 766 million
Intermodal revenues improved 9% to USD 527 million.

Railway operating expenses for the quarter were USD 2 billion, up 1% compared with first quarter 2011. The increase was largely due to higher fuel prices, compensation costs, and materials expenses, offset in part by the absence of last year's non cash charge.

Income from railway operations for the first quarter increased 24% to USD 745 million compared with the same period of 2011.

The first quarter railway operating ratio improved 5% to 73.3% compared with first-quarter 2011, and equaled our first quarter record.

Mr Wick Moorman CEO said that "I am pleased to report another record-breaking quarter for Norfolk Southern during which we achieved first-quarter highs in revenues, operating income, net income, and earnings per share. The benefits of our steady focus on service and operating efficiency are reflected in our results, and we continue to position our franchise for sustained growth through strategic investments in infrastructure."

Source - Norfolk Southern Corporation


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