Norfolk Southern Primed for More Growth, CEO Tells Stockholders
Saying "we can look back with a lot of satisfaction" on 2011's record performance by Norfolk Southern Corporation (NYSE: NSC), CEO Wick Moorman told stockholders at the company's 30th annual meeting, held today in Williamsburg, Va., that he is "confident, optimistic, and enthusiastic about our future business prospects."
Moorman outlined a string of records achieved in 2011 – revenues, operating income, net income, and earnings per share – and noted that the company set first-quarter records in those same categories in 2012.
"We will continue to position the company for sustained growth through strategic investments and hiring," Moorman said. "Our transportation network is functioning well, we have a strong capital budget, and the right projects are under way to enhance our business franchises."
Moorman paid tribute to the company's employees for earning their 23rd consecutive Harriman Gold Medal, recognizing Norfolk Southern's employee safety record as the best in the industry. "Among all our accomplishments in 2011, our phenomenal employee safety record was unmatched not only in what it meant for our people and their families, along with the communities and customers we serve, but also for how it continued to influence safety improvement for our entire industry," Moorman said.
Moorman took a moment to reflect on the company's 30th anniversary. "We boast a proud and strong lineage of predecessor companies that helped pave the way for our contemporary success," he said. To recognize that heritage, the company is painting 20 locomotives in the color schemes of selected predecessor railroads.
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