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Norfolk Southern Says 1Q Volumes, Profits Pick Up

By Micah Maidenberg

 

Norfolk Southern Corp. boosted profit for the first quarter as volumes rose in spite of challenges across global supply chains.

The company with a rail network extending across parts of the south, midwest and northeast on Wednesday reported net income rose to $673 million for the quarter from $381 million for the year-earlier period.

Earnings increased to $2.66 from $1.47 on a per-share basis, and were ahead of forecasts from analysts, according to FactSet.

Revenue of $2.64 billion was a bit higher than the $2.63 billion Norfolk Southern generated for the first quarter last year, and was slightly higher than the $2.63 billion consensus estimate for the latest period.

Metals and construction materials-related revenue was up 1% year over year and gained 3% for automotive items, Norfolk Southern said, but declined 2% for agriculture, forest and consumer products and 12% for chemicals.

Volumes overall rose 3% year over year, the company said.

"Our first-quarter results demonstrate our team's ability to deliver strong performance in the face of significant supply chain disruptions," Chief Executive James Squires said.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

April 28, 2021 08:33 ET (12:33 GMT)

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