Norfolk Southern 3Q profit, revenue rise

DALLAS (AP) ? Freight railroad Norfolk Southern says third-quarter profit rose 24 percent on higher rates.

Net income was $554 million, or $1.59 per share, compared with $445 million, or $1.19 per share, a year earlier.

Revenue rose 18 percent, to $2.89 billion.

The company earned more revenue from carrying coal and for intermodal shipments ? those that travel by rail and another means of transportation, such as trucks.

Railroads have been raising rates to boost revenue despite flat volume. That's helped them cope with higher fuel prices.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-26-Earns-Norfolk%20Southern/id-5e4e97d909314752ac6e41f9e699cd3c

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