Norfolk Southern Corp. today reported net income for the quarter was 23 percent lower than a year ago.
Net income for the quarter was $433 million compared to a record $562 million for the second quarter of 2014. Diluted earnings per share were $1.41, down from $1.79 per diluted share in the second quarter a year ago.
“While we face short-term pressure, particularly as we clear fuel surcharge revenue and coal headwinds, Norfolk Southern is well positioned to continue improving service, which will reduce costs and add value to our customers,” CEO James A. Squires said in a news release.
“Growth within the intermodal franchise, consumer spending, housing-related momentum and improved manufacturing activity all support an optimistic longer-term outlook,” Squires added. “We have a strong legacy of success, and we are taking the right steps to continue value creation for our customers, the communities we serve, our employees, and our shareholders.”
Overall, the $2.7 billion in railway operating revenues were 11 percent lower than a year earlier. The company attributed the decrease to lower fuel surcharges and coal volumes.
The total volume was down 2 percent.
