(The Associated Press issued the following on October 21.)
NEW YORK — Analysts expect Norfolk Southern Corp. to report a jump in third-quarter profit when it releases results after the market closes Tuesday.
Analysts polled by Thomson Reuters expect the railroad to report earnings of $1.21 per share, compared with $1.02 per share a year ago.
In a client note on Monday, JPMorgan analyst Thomas R. Wadewitz continued to tout the Norfolk, Va.-based freight railroad’s ability to steer through an economic slowdown by improving efficiency and taking advantage of moderating diesel prices. Furthermore, the analyst predicts the railroad should benefit from slimming its staff and the repricing of some long-standing contracts.
Wadewitz rates the railroad “Overweight” with a third-quarter earnings estimate of $1.22 per share.
Norfolk Southern operates approximately 21,000 miles of tracks in Virginia, West Virginia, the District of Columbia and 20 other states.