NORFOLK, Va. — Norfolk Southern Corp. reported third-quarter 2010 net income of $445 million, an increase of 47 percent, compared with $303 million for third-quarter 2009. Diluted earnings per share were $1.19, up 47 percent, compared with $0.81 per share in the third quarter of 2009.
“Norfolk Southern delivered strong financial results as we experienced a fifth consecutive quarter of increased volumes,” said CEO Wick Moorman. “We continue to see an economy characterized by slow growth, but growth nonetheless. We remain confident that our focus on strengthening service, controlling costs, and investing in our rail infrastructure and equipment will drive long-term shareholder value.”
Third-quarter railway operating revenues improved 19 percent to $2.5 billion, compared with the third quarter of 2009, primarily as the result of a 15 percent increase in traffic volume.
General merchandise revenues were $1.3 billion, 16 percent higher compared with third-quarter 2009 results. Coal revenues increased 24 percent, to $709 million, compared with the same period last year. Intermodal revenues were $464 million, 19 percent higher compared with the third quarter of 2009.
Railway operating expenses for the third quarter were $1.7 billion, an increase of 14 percent over the same period of 2009.