OREANDA-NEWS. For the second quarter of 2013, Norfolk Southern reported net income of USD 465 million, 11 percent lower than USD 524 million for second-quarter 2012. Diluted earnings per share were USD 1.46, down 9 percent compared with USD 1.60 per diluted share in the same period last year.

“In the second quarter, Norfolk Southern delivered solid results, supported by growth in our chemicals, intermodal, and automotive businesses, despite continuing weakness in the coal markets,” said CEO Wick Moorman. “We continue to focus on service efficiency and velocity, which is enabling us to control operating expenses and deliver superior performance to our customers.”

Railway operating revenues were USD 2.8 billion, 3 percent lower compared with second-quarter 2012, with shipment volumes increasing 2 percent. Second-quarter 2013 fuel surcharge revenues were USD 306 million, or USD 59 million less than the same period last year.

General merchandise revenues were USD 1.6 billion, 2 percent higher compared with the second quarter of 2012, driven by increased chemical and automotive shipments.

Coal revenues were USD 626 million, 17 percent lower compared with the same quarter last year, due to lower average revenue per unit and a 4 percent decline in volumes, the result of a combination of reduced global demand for U.S. coal and competition from natural gas.

Intermodal revenues increased 4 percent to USD 588 million compared with the same period of 2012. Volumes increased 5 percent due to continued domestic and international growth.

Railway operating expenses were USD 2.0 billion, 1 percent higher compared with second-quarter 2012.

Income from railway operations for the second quarter was USD 836 million, 10 percent lower compared with the same period last year.

The second-quarter railway operating ratio was 70.2 percent, 4 percent higher compared with 2012.