NS, KCS Report Mixed Results

Eastern freight railroad Norfolk Southern Corp.’s first-quarter profit fell, while Kansas City Southern said its net income nearly doubled.

Norfolk Southern’s net income fell 7% to $285 million or 71 cents per share, from $305 million or 72 cents last year.

Revenue fell 2% to $2.25 billion, the railroad said Wednesday. The declines were due in part to automakers and home builders material, the Associated Press reported.

Chief Executive Officer Charles “Wick” Moorman said the results were encouraging in light of the softness in the economy, AP reported.

NS said earlier this month that its first-quarter profit would decline by 3%.

Meanwhile, Kansas City Southern said Thursday its quarterly net profit nearly doubled due to strong pricing and rising freight volumes in some segments, Reuters reported.

Net income rose to $22.2 million or 21 cents a share, from $12.9 million or 11 cents a share a year earlier, KCS said.

Revenue rose to $411.3 million, from $388.4 million.