(Reuters) - Norfolk Southern Corp reported a quarterly profit on Thursday that topped Wall Street’s view on volume and pricing gains.
The fourth-largest U.S. railroad’s fourth-quarter profit was $702 million, or $2.57 per share, down from $3.97 billion, or $13.79 per share, last year when it booked a large tax gain from the changes to U.S. tax law.
Analysts, on average, expected a profit of $2.29 per share for the latest quarter, according to IBES data from Refinitiv.
Operating revenues increased 9 percent to $2.9 billion increased 9 percent, after volume increased 3 percent.
The railway operating ratio, or operating expenses as a percentage of revenues, was 62.8 percent. A lower ratio means more efficiency and higher profitability.
Reporting by Lisa Baertlein in Los Angeles; Editing by Leslie Adler and David Gregorio