Thursday, July 28, 2011

Norfolk Southern bullish on 2011 utility coal shipments, 2012 exports

Norfolk Southern on Tuesday predicted its coal shipments will increase through the rest of 2011 as hot weather increases domestic electricity demand and international buyers indicate that demand for US coal will stay strong into 2012.
Shipments bound for seaborne markets drove coal growth for the Norfolk, Virginia-based railroad during the three months ending June 30, rising 24% compared with the same period a year earlier to 7.94 million st. Revenue for the company's coal business group rose 28% to $893 million in the second quarter, but executives focused on talking up future opportunities for the company's coal transportation business on a conference call Tuesday. Continued

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