Norfolk Southern profit up 4% as rates, performance improve

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Norfolk Southern railroad delivered 4% more fourth-quarter profit even though the number of shipments it hauled dipped slightly because it collected more surcharges for higher fuel prices and raised the rates it charges. The Atlanta-based railroad said it earned $790 million, or $3.42 per share. That beat what Wall Street expected. 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.