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AP National Business

Norfolk Southern Q3 profit up 32% despite flat rail volume

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Published 8:00 AM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Norfolk Southern’s third-quarter profit jumped 32% even though the number of shipments the railroad delivered remained relatively flat because it was able to increase prices on most categories of freight. The railroad said it earned $753 million, $3.06 per share, in the quarter. That’s up from $569 million, or $2.22 per share, a year ago when the results were weighed down by a one-time $99 million charge. The performance exceeded Wall Street expectations. Most categories of shipments were up during the quarter, but volume was still flat overall because of a sharp 23% decline in automotive shipments and a 4% decline in intermodal shipments.

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