Norfolk Southern profit up 4% but expenses jump higher

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Norfolk Southern delivered 4% more fourth-quarter profit but higher expenses driven by soaring fuel costs hurt the bottom line even as service improved across the railroad. The Atlanta-based railroad said it earned $790 million, or $3.42 per share. That fell short of what Wall Street expected. Expenses jumped 19% in the quarter. Norfolk Southern CEO Alan Shaw said the railroad’s operating performance improved throughout 2022 ever since the worst of the delayed deliveries that shippers complained about last spring. The railroad has been helped by hiring hundreds of new employees over the past year. Norfolk Southern now has 7,529 train crew staffers, up from 6,937 in last year’s first quarter.