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US Norfolk Southern reports USD413m profit in Q4  Join our daily free Newsletter

MENAFN - 23/01/2013

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(MENAFN) Virginia-based Norfolk Southern Corp reported a 14 percent decline in quarterly profits on lower coal demand, AP reported.

The railroad operator said it made USD413 million net profit during the fourth quarter, down from USD480 million a year earlier.

The company also reported USD2.68 billion revenue in the October-December period , down from USD2.8 billion a year ago.

Executives at the company said it is extremely difficult to predict when coal shipments will increase.

Growth in intermodal shipments, where a railroad moves containers from ships and trucks, and those of chemical, automotive and housing-related materials helped make up for a 23 percent decline in coal revenue, Norfolk Southern CEO Wick Moorman said.

The railroad operator said it will cut capital spending by 10 percent in 2013 from last year's USD2.2 billion, partly because of the uncertainty about coal, but it will still invest USD2 billion in its network.

Norfolk Southern operates about 20,000 miles of rail in 22 states, and the railroad serves all major container ports on the East Coast.

 






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