Norfolk Southern reports first-quarter 2021 results

Norfolk

FILE- In this March 26, 2018, file photo, a Norfolk Southern freight train rolls through downtown Pittsburgh. Norfolk Southern Corp.’s second-quarter profit fell 46% as the railroad hauled 26% less freight because of the coronavirus outbreak’s impact on the economy. The railroad said Wednesday, July 29, 2020 it earned $392 million, or $1.53 per share, during the quarter. (AP Photo/Gene J. Puskar, File)

OMAHA, Neb. (AP) —  Norfolk Southern’s profit improved in the first quarter as the railroad hauled 3% more freight while the economy continued to recover from the coronavirus pandemic.

The railroad said Wednesday that it earned $673 million, or $2.66 per share, during the quarter.

That was up from $381 million, or $1.47 per share, a year ago when Norfolk Southern’s profit was weighed down by a one-time charge of $385 million.

Without that charge, profit was up 1%. The results beat Wall Street expectations.

Norfolk Southern CEO Jim Squires said the reopening of the economy is providing “meaningful tailwinds” for the railroad.

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