Local / Virginia

Norfolk Southern tops Street 3Q forecasts

NORFOLK, Va. (AP) — Norfolk Southern Corp. (NSC) on Wednesday reported third-quarter net income of $452 million.

On a per-share basis, the Norfolk, Virginia-based company said it had net income of $1.49. Earnings, adjusted for restructuring costs, came to $1.57 per share.

The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.41 per share.

The railroad posted revenue of $2.71 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $2.7 billion.

Norfolk Southern shares have decreased 29 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has fallen 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NSC at http://www.zacks.com/ap/NSC

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Keywords: Norfolk Southern, Earnings Report

 

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