'The future looks good,' Norfolk Southern CEO says in annual report
NORFOLK, Va., March 20, 2013 /PRNewswire/ -- Coming off its second-best year ever for revenue, operating income, net income, and earnings per share, Norfolk Southern Corporation (NYSE: NSC) is positioned well for growth, and "the future looks good," CEO Wick Moorman tells stockholders in the 2012 annual report, posted today on the company's website at www.nscorp.com.
"Despite significant challenges in our coal business, we delivered solid results for our shareholders," Moorman says. "From an operations perspective, the railroad ran extremely well, setting all-time highs for most of our service and velocity metrics. We also continued our strong record of reinvesting in the company, with more than $2.2 billion in capital spending, including completion of some key projects to drive future growth.
"Looking at 2013 and beyond," Moorman said, "I continue to have a very positive outlook for our business. Our railroad is running well, and we have demonstrated resilience in the face of a slow economic recovery. While the coal business will continue to be a wild card for the immediate future, it traditionally has been a mainstay for Norfolk Southern, and we continue to believe in it long-term."
Additionally, Moorman said, "We see exciting opportunities in emerging energy markets, such as transporting crude oil by rail, and sand, pipe, and other materials for shale gas production. We are positioned equally well for growth in many of our other businesses, supported by our continuing focus on operating efficiency and productivity."
Norfolk Southern paid tribute to its heritage in 2012 – the company's 30th anniversary – by painting 20 new locomotives in the color schemes of some of its predecessor companies. "The management teams of our predecessor companies could not have imagined the scope of change that has culminated in today's Norfolk Southern, and I'm confident that the best years of our company are still ahead," Moorman said.
The annual report is distributed to stockholders, the financial community, news media, and libraries. To request a copy, call 800-531-6757, email email@example.com, or write to Norfolk Southern Corp., Corporate Communications Department, Three Commercial Place, Norfolk, Va. 23510-9217.
Norfolk Southern Corporation is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
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SOURCE Norfolk Southern Corporation