Norfolk Southern Resumes Hiring (NSC)
July 28, 2010 1:24 AM
Railroad company Norfolk Southern Corp. (NYSE: NSC) said Tuesday that second-quarter earnings rose 59 percent as the economy turned around from last year.
The Virginia-based company earned $392 million, or $1.04 per share, compared with $247 million, or 66 cents per share, a year earlier. Revenue rose 31 percent to $2.43 billion.
Railroads are often viewed as gauges of the overall economy for the vast array of goods they carry for consumers and businesses. Coal shipments, used to generate electricity and produce steel, surged 36 percent in the quarter.
CEO Wick Moorman said he expects shipping volume improvements to remain steady throughout the year. The company also predicts strong shipments of autos.
In another positive sign, the company said it brought back nearly all the employees furloughed during the recession. It is also hiring some employees in areas where business is booming.
