Norfolk Southern Corp. (NSC) will be the latest rail transportation company on track to issue forth its fourth-quarter results Wednesday. Wall Street analysts have a consensus earnings estimate of $0.84 per share and revenues of $2.12 billion for the quarter. In the year-ago period, the company earned $1.21 per share on revenues of $2.5 billion.
While releasing third-quarter numbers, the Norfolk, Virginia based company's chief executive officer Wick Moorman said, "By controlling costs and maintaining service levels, we are managing through this economic downturn and will emerge an even stronger company."
The Association of American Railroads or AAR recently reported that freight traffic remains down in comparison with 2009 and 2008. For December, rail carloads were down 4.1% compared to December 2008, and down 17.6% compared to December 2007, primarily due to declines in coal carloadings. However, excluding coal, rail carloads would have been 6.9% higher in December 2009 than in December 2008, AAR said.
AAR Senior Vice President of Policy and Economics John Gray, said, "Railroads are happy to have 2009 behind them. Last year saw declines, most of them quite steep, in every major category of rail carload traffic as well as intermodal. However, we're seeing signs that the economy is improving. We're hopeful that 2010 will be a much better year for the economy and for railroads."
For the third quarter, Norfolk Southern, which is the fourth largest railroad company in the U.S., posted lower profit, totaling $303 million or $0.81 per share, compared to $520 million or $1.37 per share a year earlier, dented by a decline in railway operating revenues on a 20% reduction in traffic volume and lower fuel related revenues. Railway operating revenues fell 29% to $2.1 billion from $2.9 billion in the previous year.
Among Norfolk Southern's rivals, CSX Corp. (CSX) reported higher profit for the fourth quarter totaling $305 million or $0.77 per share, compared to $247 million or $0.63 per share a year ago, helped by lower expenses. Revenues dropped 13% to $2.32 billion from $2.67 billion in the previous year.
Another peer, Union Pacific Corp. (UNP) posted a decline in fourth-quarter profit that totaled $551 million or $1.08 per share, compared to $661 million or $1.31 per share in the prior-year quarter, as a decline in freight volumes due to the continued impact of the recession more than offset lower expenses. Total revenues for the quarter were $3.75 billion, down 12% from $4.29 billion in the year-ago period.
NSC closed Tuesday's trading session at $49.75, down 12 cents or 0.24%. In the past 52 weeks period, the stock has been trading between $26.69 and $54.76, on a volume of 2.46 million shares.
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