This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Norfolk Southern CEO Gives Stockholders A Confident Outlook For 2014

NORFOLK, Va., May 8, 2014 /PRNewswire/ -- Norfolk Southern (NYSE: NSC) CEO Wick Moorman, addressing the company's annual meeting today in Williamsburg, Va., gave stockholders plenty of reasons for continued optimism following a year of record-breaking performance.

"Clearly, 2013 was a big year for us," Moorman said in ticking off records in railway operating revenue, operating income, earnings per share, and operating ratio, the latter a key measure of performance efficiency.

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 noted, was the most severe winter in years, which adversely affected first-quarter revenues, expenses, and service.

"However, I'm happy to report that the Norfolk Southern operating team came through with flying colors. The result is that 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 said, "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.

"The real key to our future and the reason for my confidence is our people. I strongly believe we have the best people in the railroad business, and we're working hard every day to make sure that we capture all of their good ideas on how we can make NS better," Moorman said.

In official business, stockholders re-elected 13 directors for terms expiring in 2015: Thomas D. Bell Jr., chairman of Mesa Capital Partners; Erskine B. Bowles, senior advisor to BDT Capital Partners LLC and Carousel Capital; Robert A. Bradway, chairman and chief executive officer of Amgen Inc.; Wesley G. Bush, chairman, president, and chief executive officer of Northrop Grumman Corporation; Daniel A. Carp, chairman of Delta Air Lines Inc.; Karen N. Horn, a partner with Brock Capital Group; Steven F. Leer, senior adviser to the president and CEO of Arch Coal Inc.; Michael D. Lockhart, retired chairman, president, and chief executive officer of Armstrong World Industries Inc.; Amy E. Miles, chief executive officer of Regal Entertainment Group; Moorman; Martin H. Nesbitt, co-founder of The Vistria Group; James A. Squires, president of Norfolk Southern Corporation; and John R. Thompson, government relations consultant for Best Buy Co. Inc.

Stockholders ratified appointment of KPMG LLP as auditors and approved an advisory resolution on the compensation of executive officers. The stockholder proposal recommending an independent chair of the board of directors was not presented at the meeting, so no action was taken on the proposal.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs