Optimistic Outlook Follows ‘Strong’ 2010, Norfolk Southern CEO Says in Annual Report

NORFOLK, Va. — Looking ahead with optimism after last year’s second-highest earnings ever, Norfolk Southern Corporation CEO Wick Moorman says in the 2010 Annual Report that the company is prepared for “the volumes we expect throughout 2011 and beyond, in what I believe will continue to be a growing market for our transportation products.”

In his message to stockholders, Moorman notes that 2010 was “a very strong year. Aided by the continuing recovery and our own internal initiatives, we profitably grew the business, invested in the franchise, generated free cash flow, and produced attractive returns for our shareholders.”

Moorman cited his pride in the company’s employees for achieving a record safety performance and said, “We are committed to applying the same world-class standard to our customer service.”

Volume expectations for 2011 and beyond “are supported by our investments in corridor initiatives that are giving us increased rail capacity to handle growth while reaping safety and environmental benefits for the public,” Moorman said. “We will continue to do the right things to serve our customers and communities and to reward our shareholders for the trust you have placed in us.”