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Rrailroad Norfolk Southern Corp. has reported a higher-than-expected third quarter profit as volumes grew for the fifth straight quarter.
"We continue to see an economy characterized by slow growth, but growth nonetheless," Chief Executive Wick Moorman said in a statement.
Third-quarter net income rose 47 percent to $445 million, or $1.19 per share, beating analysts' forecasts of $404.7 million, or $1.09 per share, according to Thomson ReutersI/B/E/S.
A year ago, net income was $303 million, or 81 cents a share.
Railway operating revenue rose 19 percent in the quarter to $2.5 billion, mainly due to a 15 percent increase in traffic volume, the Norfolk, Virginia-based railroad said.
Coal was a big driver, with revenues jumping 24 percent to $709 million.
General merchandise revenues rose 16 percent to $1.3 billion and intermodal revenues rose 19 percent to $464 million.
"We continue to see an economy characterized by slow growth, but growth nonetheless," Chief Executive Wick Moorman said in a statement.
Third-quarter net income rose 47 percent to $445 million, or $1.19 per share, beating analysts' forecasts of $404.7 million, or $1.09 per share, according to Thomson ReutersI/B/E/S.
A year ago, net income was $303 million, or 81 cents a share.
Railway operating revenue rose 19 percent in the quarter to $2.5 billion, mainly due to a 15 percent increase in traffic volume, the Norfolk, Virginia-based railroad said.
Coal was a big driver, with revenues jumping 24 percent to $709 million.
General merchandise revenues rose 16 percent to $1.3 billion and intermodal revenues rose 19 percent to $464 million.
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