Norfolk Southern CEO Wick Moorman, addressing the company's annual meeting in Williamsburg, Va., gave company shareholders numerous reasons for continued optimism following a year that contained what NS hails as numerous record-breaking results.
"Clearly, 2013 was a big year for us," Moorman said Thursday, May 8, 2014, listing records in railway operating revenue, operating income, earnings per share, and operating ratio.
As for 2014, Moorman said, "We came into the new year believing that most of the strength that we saw in our markets in 2013, and particularly in the second half, would continue, and we still feel that way." What wasn't foreseen, he added, was the most severe winter in years, which adversely affected first-quarter revenue, expenses, and service.
Despite winter weather woes, "Today our operating metrics are much improved, and we are steadily progressing to the high service levels we and our customers enjoyed last year," Moorman declared.
The Norfolk Southern CEO added, "Once the cold weather departed, we saw our business rebound almost immediately," led by intermodal and energy-related markets, with the auto business also gaining strength. "I'm confident that 2014 will be another very good year for our company," he said.