Norfolk Southern Beats; Raises Dividend (NSC)

Norfolk Southern Corp. NSC reports Q2 earnings of $1.04 versus estimates of $1.01. Norfolk Southern Corp. reports Q2 revenues of $2.43 billion versus estimates of $2.40 billion. Overall revenues increased 31% year over year. Coal revenues increased 36% year over year. "Norfolk Southern delivered strong financial results in the second quarter, based on continuing operating leverage," said CEO Wick Moorman. "This is our fourth straight quarter of volume growth, and we are optimistic about continued year-over-year increases in rail traffic. We remain focused on reinforcing the safety and quality of our franchise, improving operational efficiency and service, and supporting future business growth." During the first six months of 2010, NSC purchased and retired 2.0 million shares of common stock at a cost of $114 million. Since inception of the stock repurchase program, NSC has repurchased and retired 66.7 million shares at a total cost of $3.4 billion. Earlier in the session, the company announced a dividend increase, from $0.34 per share to $0.36 per share. Shares of NSC were trading lower in the after-hours. Norfolk Southern Corporation controls a freight railroad, Norfolk Southern Railway Company. Norfolk Southern Railway Company is primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, through interchange with rail carriers, to and from the rest of the United States.