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Norfolk Southern Q3 profit up 32% despite flat rail volume

Norfolk Southern Results
Posted at 10:37 AM, Oct 27, 2021
and last updated 2021-10-27 10:37:03-04

OMAHA, Neb. — 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.