Norfolk Southern profit up 12% to USD 433 million as sales rise 6%
Norfolk Southern Corp posted a 12% first quarter year-on-year net profit increase to USD 433 million, drawn on revenues of USD 2.6 billion, which rose 6%.
The company attributed the upward trend to a 7% rise in income from railway operations and a lower effective income tax rate as well as from growth in coal, intermodal shipments.
Norfolk Southern chairman, president and CEO James Squires said,"Norfolk Southern's record results demonstrate the efficacy of our strategic plan, under which we are enhancing service quality while driving efficiency improvements.”
He said that "Our superior service has positioned us for growth and, coupled with our cost discipline, has contributed to a solid start to the year.”
Norfolk Southern declared a regular quarterly dividend of 61 cents per share on its common stock, payable on Jun 10 to stockholders of record on May 5.Vice president and chief financial officers Marta Stewart announced that she would retire August 1. Stewart joined Norfolk Southern as an accountant in 1983, and has served as vice president accounting and controller, and vice president finance and treasurer.
Squires said that "Marta has made significant contributions to NS over the course of her career, most recently as one of the architects of our strategic plan.”
"Her intimate knowledge of the railroad business, engagement with stakeholders inside and outside the company, and relentless focus on driving shareholder value has positioned NS for continued success."
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