Norfolk Southern railroad's Q4 profit up 13% on higher rates

Earns-Norfolk Southern
Posted at 9:26 AM, Jan 26, 2022
and last updated 2022-01-26 09:26:53-05

OMAHA, Neb. (AP) — Norfolk Southern railroad delivered 13% higher profit in the fourth quarter even though the amount of cargo it transported declined because it was able to raise rates.

The Atlanta-based company said it earned $760 million, or $3.12 per share, in the quarter. That’s up from $671 million, or $2.64 per share, a year earlier. The results topped Wall Street expectations.

The analysts surveyed by Zacks Investment Research had predicted earnings per share of $3.04, on average.

Norfolk Southern hauled 4% fewer shipments as auto production continued to be hurt by the ongoing shortage of computer chips and supply chain challenges slowed shipments of containers of imported goods.