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No. 4 U.S. railroad Norfolk Southern Corp on Tuesday reported a better-than-expected quarterly net profit, as strong pricing offset falling freight volumes due to the slowing U.S. economy.
The Norfolk, Virginia -based company [NSC
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] reported fourth-quarter net income of $452 million or $1.21 a share, up from $399 million or $1.02 a share a year earlier.
Wall Street analysts had on average expected earnings per share for the quarter of $1.19.
Norfolk Southern reported revenue for the quarter of $2.5 billion, up 2 percent from the same period in 2007.
Analysts had expected revenue of $2.6 billion. The stock climbed in after hours trade. (Check after hours quote here).
The railroad said freight volumes slid 8 percent in the quarter. Norfolk Southern said it plans capital expenditures of $1.4 billion in 2009.
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