Norfolk Southern, TE Connectivity report earnings
Two companies with significant midstate operations reported quarterly earnings today.
Virginia-based Norfolk Southern Corp., which has railroad facilities in Cumberland and Dauphin counties, reported net income of $513 million, or $1.64 per diluted share, compared with net income of $413 million, or $1.30 per diluted share, in the fourth quarter of 2012.
Analysts had expected earnings of $1.50 per diluted share, according to Yahoo Finance.
For the year, Norfolk Southern reported income of $1.9 billion, or $6.04 per diluted share. That is 9 percent higher than 2012, where net income was $1.7 billion, or $5.37 per diluted share.
General merchandise revenue rose 7 percent for the year, while coal revenue dropped 12 percent to $2.5 billion, the company said. Also, intermodal revenue increased to $2.4 billion, a bump of 6 percent compared with 2012.
Switzerland-based TE Connectivity Ltd. reported fiscal first-quarter net income of $353 million, or 84 cents per diluted share, compared with $277 million, or 65 cents per diluted share, in the same quarter a year ago.
Analysts had expected earnings of 77 cents per diluted share, according to Yahoo Finance.
TE’s fiscal first quarter ended on Dec. 27.