Norfolk Southern railroad's Q4 profit up 13% on higher rates

Norfolk Southern railroad delivered 13% higher profit in the fourth quarter even though the amount of cargo it transported declined because it was able to raise rates

OMAHA, Neb. -- Norfolk Southern railroad delivered 13% greater profit in the fourth quarter even though the amount of cargo it transported declined because it was able to raise rates.

The Atlanta-based company said it earned $760 million, or $3.12 per share, in the quarter. That's up from $671 million, or $2.64 per share, a year earlier.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.04 per share.

Norfolk Southern said it hauled 4% fewer shipments as auto production continued to be hurt by the ongoing shortage of computer chips and supply chain challenges slowed shipments of containers of imported goods.