Intermodal rail movements help propel the railroad Norfolk Southern Corp. toward achieving record net income for 2014, according to figures it released on Monday.
Net income increased 5% from 2013 to $1.9 billion on total revenue of $11.6 billion, a 3% increase during the same time frame. Diluted earnings per share for 2014 were a record $6.39, up 6% compared with $6.04 per diluted share for 2013.
Intermodal revenue increased to $2.6 billion, up 7% compared with 2013, while intermodal traffic volume was 8% higher.
Net income for the fourth quarter was $511 million, or $1.64 per diluted share, compared with $513 million, or $1.64 per diluted share, earned in fourth-quarter of 2013. Revenue was $2.9 billion, close to where it was a year earlier, with gains in merchandise and intermodal revenues offsetting weaker coal revenues. Total volume was up 4% due to gains in intermodal and merchandise traffic.
Intermodal revenue in the final quarter of last year increased to $649 million, 5% higher compared with fourth-quarter 2013. Growth in international and domestic business pushed traffic volume up 6% in the quarter compared with the same period of 2013.
Norfolk Southern Corp operates approximately 20,000 miles of railway in 22 states and the District of Columbia, serves every major container port in the eastern United States,and provides connections to other rail carriers.