Norfolk Southern reports record earnings
An increase in coal volumes helped Norfolk Southern report record profit of $520 million for the third quarter, 35 percent more than the same 2007 period.
Third-quarter railway operating revenue was $2.9 billion, up 23 percent compared with the same period a year earlier.
Coal revenues climbed 52 percent to $876 million. Traffic volume increased by 23,548 carloads, or 6 percent, and set a record for the number of tons shipped in a quarter.
The company said continued weakness in the automotive and housing-related industries, was mostly offset by strength in coal shipments. Total traffic was off 1 percent compared with the third quarter of 2007.
General merchandise revenues were $1.5 billion, an increase of 13 percent compared with the same period last year, despite a 6 percent decline in volume.
Despite flat volumes, intermodal revenues were $560 million, up 16 percent compared with the same period of 2007.
