Norfolk Southern railroad delivered 4% more fourth-quarter profit even though the number of shipments it hauled dipped slightly because it collected more surcharges for higher fuel prices and raised the rates it charges.
The Atlanta-based railroad reported fourth-quarter profit of $790 million, or $3.42 per share even though volume was down 1%. That’s up from $760 million, or $3.12 per share, a year earlier.The results came in ahead of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.41 per share.
Norfolk Southern has been helped by hiring hundreds of new employees over the past year. It now has 7,529 train crew staffers, up from 6,937 in last year’s first quarter, and it has another 882 conductors in training.
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