Norfolk Southern confirms 15 local layoffs
NORFOLK, Va. – A Norfolk Southern Corp. company spokesman on Tuesday confirmed some layoffs in the Altoona area, the same day the corporation said its net income dropped during the fourth quarter of 2012.
Company spokesman David Pidgeon said that Norfolk Southern had laid off 15 employees in the Altoona area, but he declined further comment, saying it was a personnel matter.
As for earnings, the company reported fourth-quarter 2012 net income of $413 million, or $1.30 per diluted share, compared with $480 million, or $1.42 per diluted share, earned in the fourth quarter of 2011.
Net income for 2012 was $1.7 billion, or $5.37 per diluted share, compared with $1.9 billion, or $5.45 per diluted share, earned in 2011.
CEO Wick Moorman said the report was not entirely negative.
“While the fourth quarter reflected declines in coal shipments, we also saw steady intermodal volume gains coupled with improved volumes in our chemicals, auto, and housing sectors,” Moorman said in a statement.
The company did announce a regular quarterly dividend of 50 cents per share on its common stock, payable on March 11, to stockholders of record on Feb. 1.
Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 122 consecutive quarters.
The company also said fourth-quarter railway operating revenues were $2.7 billion, down 4 percent compared with the same period of 2011. For 2012, railway operating revenues were $11 billion, 1 percent lower than 2011.