Norfolk Southern reports 2Q earnings drop - WTRF 7 News Sports Weather - Wheeling Steubenville

Norfolk Southern reports 2Q earnings drop

Posted: Updated:
  • BusinessBusinessMore>>

  • DEP members to discuss water crisis aftermath

    DEP members to discuss water crisis aftermath

    Saturday, August 23 2014 3:00 PM EDT2014-08-23 19:00:19 GMT
    The West Virginia Chamber of Commerce's 78th Annual Meeting and Business Summit will host many speakers and address a variety of topics over the three-day affair, but one session will be covering a particularly hot topic for many West Virginia residents: the Jan. 9 Elk River chemical spill.
    The West Virginia Chamber of Commerce's 78th Annual Meeting and Business Summit will host many speakers and address a variety of topics over the three-day affair, but one session will be covering a particularly hot topic for many West Virginia residents: the Jan. 9 Elk River chemical spill.
  • Lawmaker left Georgia for a love of the mountains

    Lawmaker left Georgia for a love of the mountains

    Saturday, August 23 2014 3:00 PM EDT2014-08-23 19:00:18 GMT
    Delegate Amanda Pasdon, R-Monongalia, is not just a state lawmaker who loves West Virginia's luscious hillsides. She chose to make West Virginia her home.
    Delegate Amanda Pasdon, R-Monongalia, is not just a state lawmaker who loves West Virginia's luscious hillsides. She chose to make West Virginia her home.
  • Army Corps awards Huntington district

    Army Corps awards Huntington district

    Saturday, August 23 2014 3:00 PM EDT2014-08-23 19:00:18 GMT
    The U.S. Army Corps of Engineers recently awarded the Huntington District with two national awards: project delivery team of the year and innovation of the year.
    The U.S. Army Corps of Engineers recently awarded the Huntington District with two national awards: project delivery team of the year and innovation of the year.

Norfolk Southern Corp. reported second-quarter net income of $465 million on July 23, down 11 percent from $524 million for the second quarter of 2012.

Weakness in coal markets affected the company's earnings, as coal revenues were down 17 percent to $626 million in the quarter. The company attributed the drop to reduced global demand for U.S. coal and competition from natural gas.

Railway operating revenues were $2.8 billion, 3 percent lower compared with second-quarter 2012, with shipment volumes increasing 2 percent. Second-quarter 2013 fuel surcharge revenues were $306 million, or $59 million less than the same period last year.

General merchandise revenues were $1.6 billion, 2 percent higher compared with the second quarter of 2012, driven by increased chemical and automotive shipments.

Intermodal revenues increased 4 percent to $588 million compared with the same period of 2012. Volumes increased 5 percent due to continued domestic and international growth.

Railway operating expenses were $2.0 billion, 1 percent higher compared with second-quarter 2012.

Income from railway operations for the second quarter was $836 million, 10 percent lower compared with the same period last year.