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Norfolk Southern railroad’s Q4 profit up 13% on higher rates


AP Business Writer

OMAHA, Neb. (AP) — Norfolk Southern railroad delivered 13% higher profit in the fourth quarter even though the amount of cargo it transported declined because it was able to raise rates. The Atlanta-based company said it earned $760 million, or $3.12 per share, in the quarter. That’s up from $671 million, or $2.64 per share, a year earlier. The results topped Wall Street expectations. The analysts surveyed by Zacks Investment Research had predicted earnings per share of $3.04, on average. Norfolk Southern hauled 4% fewer shipments as auto production continued to be hurt by the ongoing shortage of computer chips and supply chain challenges slowed shipments of containers of imported and domestic goods.

Article Topic Follows: AP National Business

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