(Forbes.com posted the following Reuters article on January 29.)
NORFOLK, Va. — Leading freight railroad Norfolk Southern Corp. Wednesday posted higher quarterly earnings as weakness in coal shipments was more than offset by gains in other cargoes.
The railroad, whose lines cover the eastern United States and Ontario, said fourth-quarter profits were $129 million, or 33 cents a share, up from $115 million, or 30 cents a share, a year earlier.
Analysts, on average, had expected earnings of 28 cents to 32 cents a share, with a mean forecast of 30 cents, according to a survey by Thomson First Call.
Shares of Norfolk Southern closed at $18.61 on Tuesday on the New York Stock Exchange. The shares have declined 7 percent over the last six months, while the Dow Jones U.S. Railroads Index has dropped just over 10 percent.