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Norfolk Southern Reports Declining Coal Shipments, Posts Drop in Profits
Apr. 23, 2014 11:17AM PST
Industrial MetalsReuters reported today that U.S. rail shipper Norfolk Southern (NYSE:NSC) reported a drop of 18 percent in profits for the first quarter of 2014, largely due to a 15 percent fall in earnings from coal shipments. However, Norfolk Chief Executive Wick Moorman told Reuters that the company expects a rebound following this quarter.
Reuters reported today that U.S. rail shipper Norfolk Southern (NYSE:NSC) reported a drop of 18 percent in profits for the first quarter of 2014, largely due to a 15 percent fall in earnings from coal shipments. However, Norfolk Chief Executive Wick Moorman told Reuters that the company expects a rebound following this quarter.
As quoted in the publication:
U.S. railroads had been hit by falling demand for coal through last year, but demand for thermal coal is expected to recover in the United States as power producers switch back to coal due to a recent run-up in natural gas prices. Rivals Union Pacific Corp and Kansas City Southern , which last week reported strong results for the same quarter, indicated that demand for coal was on an upswing.
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