Norfolk Southern Q3 profit up 32% despite flat rail volume

Norfolk Southern’s third-quarter profit jumped 32% even though the number of shipments the railroad delivered remained relatively flat because it was able to increase prices on most categories of freight

OMAHA, Neb. -- Norfolk Southern's third-quarter profit jumped 32% even though the number of shipments the railroad delivered remained relatively flat because it was able to increase prices on most categories of freight.

The railroad said it earned $753 million, $3.06 per share, in the quarter. That's up from $569 million, or $2.22 per share, a year ago when the results were weighed down by a one-time $99 million charge. Without that Norfolk Southern's profits were up 17%.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.89 per share.

The railroad's revenue grew 14% to $2.85 billion, which also topped analysts' forecasts. Three analysts surveyed by Zacks expected $2.74 billion.