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Norfolk Southern 1st-Quarter Profit Rises, Boosted By Land Sale

Norfolk Southern Corp.'s (NSC) first-quarter earnings rose 9.8%, boosted by the sale of land, although the railroad company recorded a slight drop in railway operating revenue as coal revenue continued to slump.Like other railroads, Norfolk has been affected by a slump in coal demand from domestic utilities as a result of low-cost natural gas and high coal stockpiles. In the latest period, coal revenue slumped 17% to $635 million due to lower average revenue per unit and as traffic volume dropped 4%, the result of mild winter weather and low natural gas prices.Last week, both Union Pacific Corp. (UNP) and CSX Corp. (CSX) reported lower coal shipments in the first quarter, though earnings rose for both railroad operators.For the latest quarter, Norfolk Southern reported a profit of $450 million, or $1.41 a share, up from $410 million, or $1.23 a share, a year earlier. The latest results included a gain from the sale of land to the Michigan Department of Transportation, which increased t...

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  1. Union Pacific 1st-Quarter Profit Rose 11% Despite Drag From Weak Coal, Agricultural Shipments

    Union Pacific Corp.'s (UNP) first-quarter earnings rose 11% on stronger revenue, though weaker shipments of coal and agricultural products continued to weigh on the ...

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