OMAHA, Neb. — 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 and domestic goods.