(Source: Freight Waves, July 29, 2020)
CHATTANOOGA, Tenn. — Norfolk Southern’s net profits for the second quarter slipped 46% to $392 million, or $1.53 in diluted earnings per share, compared with $722 million, or $2.70 in diluted earnings per share, in the second quarter of 2019. A 26% decline in rail volumes contributed to the drop in profits year-over-year. Operating revenues fell 29% to $2.1 billion. Meanwhile, operating expenses slipped 21% to $1.5 billion on lower expenses for fuel, compensation and benefits and purchased services. Income from railway operations was $610 million, a 43% drop from nearly $1.07 billion in the second quarter of 2019.
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