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U.S. railroad operator Norfolk Southern reported second-quarter profit above Wall Street estimates thanks to robust pricing, sending its shares up nearly 7% on Thursday.
Improving intermodal volumes coupled with higher-than-inflation pricing has helped railroads shield profitability even in an otherwise low-volume environment.
On an adjusted basis, Norfolk Southern reported a profit of $3.06 per share, above analysts' estimates of $2.86 per share, according to LSEG data.
It reported an adjusted operating ratio of 65.1% for the second quarter, representing a 160-basis-point improvement from a year ago.
The ratio is a keenly watched metric that indicates operating expenses as a percentage of revenue. A higher operating ratio reflects an increase in costs, suggesting lower profitability.
The Atlanta, Georgia-based company reported operating revenue of $3 billion in the second quarter, up 2% from last year and narrowly missing analysts' estimates of $3.04 billion.
(Reporting by Abhinav Parmar and Aishwarya Jain in Bengaluru; Editing by Devika Syamnath)
