NS earnings up despite coal problems - Beckley, Bluefield & Lewisburg News, Weather, Sports

Norfolk Southern earnings up despite coal problems

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Beckley Motor Speedway holds open practice

    Beckley Motor Speedway holds open practice

    Beckley Motor Speedway holds open practice

    Sunday, April 20 2014 9:30 AM EDT2014-04-20 13:30:13 GMT
    Today the Beckley Motor Speedway held an open practice for any racer who wanted to test out the track.
    Today the Beckley Motor Speedway held an open practice for any racer who wanted to test out the track.
  • One man shot early Saturday morning in Beckley

    One man shot early Saturday morning in Beckley

    Sunday, April 20 2014 5:43 AM EDT2014-04-20 09:43:44 GMT
         One man is in custody Saturday after a bar shooting in Raleigh County.
         One man is in custody Saturday after a bar shooting in Raleigh County.
  • Crews fight house fire in Fayette County for several hours Saturday

    Crews fight house fire in Fayette County for several hours Saturday

    Saturday, April 19 2014 11:24 PM EDT2014-04-20 03:24:33 GMT
    Crews fought a house fire in Fayette County Saturday evening for several hours. 911 Dispatchers said the call came in of a house fire on Paint Creek Road near Pax around 6:30 p.m. Pax Fire Department and Bradley-Prosperity Fire Department responded along with several other crews. We're told no one was inside the home when the fire happened.
    Crews fought a house fire in Fayette County Saturday evening for several hours. 911 Dispatchers said the call came in of a house fire on Paint Creek Road near Pax around 6:30 p.m. Pax Fire Department and Bradley-Prosperity Fire Department responded along with several other crews. We're told no one was inside the home when the fire happened.

Norfolk Southern Corp. overcame a 9 percent decrease in coal revenues to post net income of $482 million in the third quarter, up from $402 million in the same quarter last year.

Earnings growth was powered by growth in the railroad's chemicals, metals/construction, intermodal and automotive businesses, combined with ongoing productivity improvements, CEO Wick Moorman said in the quarterly earnings report released Oct. 23.

Railway operating revenues were $2.8 billion, 5 percent higher compared with third quarter 2012, with shipment volumes increasing 4 percent. Coal revenues were $641 million, 9 percent lower compared with the third quarter last year, due to lower average revenue per unit and a 2 percent decline in volumes.

Utility coal shipments were down 2 percent to 25.4 million tons, but tonnage for export was up 5 percent to 6.5 million tons. domestic coal shipments were down 6 percent, and industrial shipments fell by 4 percent.