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Norfolk Southern railroad 1Q profit up 10 percent despite coal woes

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NORFOLK, Va. (AP) — Norfolk Southern says its first-quarter profit improved 10 percent as an increase in railroad shipping volume and a land sale helped offset continued weak coal demand.

The Norfolk, Va.,-based railroad said Tuesday that it generated $450 million net income, or $1.41 per share, on $2.74 billion revenue. That's up from $410 million, or $1.23 per share, a year ago.

The railroad beat Wall Street expectations, even without a one-time profit of $60 million on the sale of land to Michigan that added 19 cents per share to Norfolk Southern's earnings.

Analysts surveyed by FactSet expected Norfolk Southern to report earnings of $1.17 per share on $2.78 billion in revenue.

Copyright 2013 The Associated Press