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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. Norfolk Southern Posts 10% Higher Profit

    Railroad operator Norfolk Southern Corp. , citing a 3% rise in freight volume, reported late Tuesday its first-quarter profit rose to $450 million, or $1.41 a share,...

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