Norfolk Southern reports 2Q earnings drop - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Norfolk Southern reports 2Q earnings drop

Posted: Updated:
  • BusinessBusinessMore>>

  • Jam-band magazine celebrates 2-year anniversary

    Jam-band magazine celebrates 2-year anniversary

    Sunday, April 20 2014 4:00 PM EDT2014-04-20 20:00:13 GMT
    Appalachian Jamwich, a Shepherdstown-based magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
    Appalachian Jamwich, a Shepherdstown-based print and online magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
  • City-wide scavenger hunt in Wheeling

    City-wide scavenger hunt in Wheeling

    Sunday, April 20 2014 2:00 PM EDT2014-04-20 18:00:09 GMT
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
  • Barboursville plans to grow its recreation opportunities

    Barboursville plans to grow its recreation opportunities

    Sunday, April 20 2014 1:00 PM EDT2014-04-20 17:00:13 GMT
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.

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.