Comment
0
Tweet
0
Print
RSS Feeds

News Summary: Norfolk Southern profit down 14 pct

Tuesday - 1/22/2013, 8:38pm  ET

By The Associated Press

(AP) - COAL CRUNCH: Norfolk Southern railroad said its coal revenue declined 23 percent in the fourth quarter because demand remains weak. Increases in shipments of other merchandise couldn't offset that.

FREIGHT FORTUNES: The railroad said its fourth-quarter net income declined 14 percent to $413 million, or $1.30 per share. That's down from $480 million, or $1.42 per share, a year earlier. But the profits beat what Wall Street expected.

CAPITAL INVESTMENT: Norfolk Southern plans to invest $2 billion in the railroad's network and equipment this year. But that's 10 percent lower than last year's $2.2 billion.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)