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Norfolk Southern reports 2Q earnings drop

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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.