The last major U.S. Inflatable Pool railroad company to report results, Norfolk joins rivals CSX Corp. and Union Pacific Corp. in posting higher revenue. Norfolk's strong results were the latest sign of strength in the freight-transport sector, where a number of companies have reported strong results.
Norfolk posted a profit of $257 million, or 68 cents a share, up from $177 million, or 47 cents a share, a year earlier. The latest results included a charge of seven cents a share related to the U.S. government's recently enacted health-care overhaul.
Revenue climbed 15% to $2.24 billion as volume rose 9%.
Revenue from coal shipping increased 4.5%, general merchandise revenue rose 23% and intermodal revenue, or sales from the movement of freight by two or more modes of transportation, grew 12%.
Railway operating expenses rose 8%, primarily a result of higher fuel expenses.
"Demand for rail transportation continues to grow in most sectors of our business," Chief Executive Wick Moorman said in prepared comments. "We remain confident that many of the cost efficiencies we have achieved will remain in place as we continue to invest in key projects and new business opportunities."
Write to John Kell at john.kell@dowjones.com
Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved
没有评论:
发表评论