The Class I railway has also raised its quarterly dividend and has named six people to new positions and duties.
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Norfolk Southern’s board of directors on Tuesday increased the regular quarterly dividend to $0.61 per share
Norfolk Southern reported a net income of $416 million for the fourth quarter of 2016, up 15 percent from a year prior, despite total railway operating revenues falling 1.1 percent year-over-year to $2.49 billion.
For the full year in 2016, the Class I railway’s net income rose 7 percent from 2015 to $1.67 billion. Total railway operating revenues for 2016 fell 5.9 percent year-over-year to $9.89 billion.
For 2017, Norfolk Southern said it plans to invest $1.9 billion to maintain the safety of its rail network, enhance service, improve operational efficiency and support growth opportunities, which is consistent with the company’s total capital investment of $1.9 billion in 2016.
On Tuesday, Norfolk Southern’s board of directors voted to increase the regular quarterly dividend on the company’s common stock by $0.02 per share, from $0.59 per share to $0.61 per share. “The increased dividend is payable on March 10 to stockholders of record on Feb. 3,” Norfolk Southern said.
In addition, Norfolk Southern’s board of directors named six people to new positions and duties.
Effective Feb. 1:
• Thomas G. Werner will become vice president corporate communications and chief sustainability officer, Norfolk;
• C.H. “Jake” Allison, Jr., will become vice president and treasurer, Norfolk;
• Susan S. Stuart will become vice president audit and compliance, Atlanta;
• And Bruno Maestri will become vice president government relations, Washington.
Effective March 1:
• Jerry W. Hall will become vice president mechanical, Atlanta;
• And Karol R. Lawrence will become vice president network and service management, Atlanta.
