JOC Staff | Oct 24, 2012 1:51PM EDT
Norfolk Southern’s profit for the third quarter of 2012 was $402 million, or $1.24 per diluted share, down 27 percent from the $554 million, or $1.59 per diluted share, reported in the same quarter last year.
NS CEO Wick Moorman attributed the decline to weak volumes in coal and merchandise, owing to poor market conditions, and said the railroad is focused on controling costs in this challenging environment.
Railway operating revenues were down 7 percent year-over-year to $2.7 billion for the quarter, on volume declines and lower fuel surcharge revenue, while railway operating expenses increased 1 percent to $2 billion. Intermodal revenue totaled $567 million for the quarter, up 3 percent from the same quarter of 2011.
