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 email@example.com
(END) Dow Jones Newswires
April 28, 2021 08:33 ET (12:33 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.