OMAHA, Neb. (AP) — Norfolk Southern’s third-quarter profit jumped 32% even though the number of shipments the railroad delivered remained relatively flat because it was able to increase prices on most categories of freight.
The railroad said it earned $753 million, $3.06 per share, in the quarter. That’s up from $569 million, or $2.22 per share, a year ago when the results were weighed down by a one-time $99 million charge. The performance exceeded Wall Street expectations.
Most categories of shipments were up during the quarter, but volume was still flat overall because of a sharp 23% decline in automotive shipments and a 4% decline in intermodal shipments.