Norfolk Southern Reports 2010 Fourth-Quarter and Full-Year Results

Norfolk Southern Corp. reported fourth-quarter 2010 net income of $402 million, or $1.09 per diluted share, 31 percent higher compared with $307 million, or $0.82 per diluted share, for the same quarter of 2009.

Fourth-quarter 2010 results benefited from a $34 million, or $0.09 per diluted share, change in estimate affecting deferred income taxes.

Net income for 2010 was $1.5 billion, or $4.00 per diluted share, an increase of 45 percent, compared with $1.0 billion, or $2.76 per diluted share, in 2009.

“During 2010 we profitably grew the business, invested in the franchise, generated significant levels of cash, and produced attractive returns for our shareholders,” said CEO Wick Moorman. “We have every reason to believe that 2011 will be an even stronger year for us.”

Fourth-quarter railway operating revenues were $2.4 billion, 14 percent higher compared with the same period a year earlier.  For 2010, railway operating revenues increased 19 percent to $9.5 billion compared with 2009.

General merchandise revenues were $1.2 billion, up 10 percent compared with fourth-quarter 2009.  For 2010, general merchandise revenues were $5.0 billion, 20 percent higher compared with 2009.  General merchandise traffic volume increased 3 percent in the quarter and 14 percent for the year compared with the same periods of 2009.