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Norfolk Southern's Q2 profit doubles as volume returns

Norfolk Southern-Results
Posted at 12:28 PM, Jul 28, 2021
and last updated 2021-07-28 17:34:50-04

OMAHA, Neb. -- Norfolk Southern’s second-quarter profit more than doubled as the number of shipments the railroad hauled rebounded 25% from the worst of the coronavirus pandemic a year ago.

The railroad said it earned $819 million, or $3.28 per share. That is up from $392 million, or $1.53 per share, last year.

The results beat Wall Street expectations.

The analysts surveyed by FactSet expected Norfolk Southern to report earnings per share of $2.95.

In last year's second quarter, the number of shipments the railroad delivered fell 26% as restrictions designed to slow the spread of the virus slowed the economy to a crawl.

This year, shipments were up in every category.