NORFOLK, Va. — Norfolk Southern’s second-quarter profit more than doubled as the number of shipments the railroad hauled rebounded 25% from the worst of the coronavirus pandemic a year ago.
The railroad said it earned $819 million, or $3.28 per share. That is up from $392 million, or $1.53 per share, last year.
The results beat Wall Street expectations. The analysts surveyed by FactSet expected Norfolk Southern to report earnings per share of $2.95.
In last year's second quarter, the number of shipments the railroad delivered fell 26% as restrictions designed to slow the spread of the virus slowed the economy to a crawl.
This year, shipments were up in every category.