Norfolk Southern Q4 net income decreases

Norfolk Southern Corporation has reported a net income of $413 million, or $1.30 per diluted share, for the fourth quarter ended December 31, 2012, compared to $480 million, or $1.42 per diluted share, for the same quarter ended December 31, 2011.

Total railway operating revenues for the fourth quarter ended December 31, 2012 were $2.68 billion, compared to $2.8 billion for the same quarter ended December 31, 2011.

Net income for the year ended December 31, 2012 was $1.75 billion, or $5.37 per diluted share, compared to $1.92 billion, or $5.45 per diluted share, for the year ended December 31, 2011.

Total railway operating revenues for the year ended December 31, 2012 were $11.04 billion, compared to $11.17 billion for the year ended December 31, 2011.

Wick Moorman, Norfolk Southern CEO, said: "While the fourth quarter reflected declines in coal shipments, we also saw steady intermodal volume gains coupled with improved volumes in our chemicals, auto, and housing sectors. We remain focused on controlling costs and improving productivity while continuing to provide high service levels for our customers. In 2013, we plan to invest $2 billion in capital improvements to further our strong safety performance, improve operational efficiency and service, and support future growth."