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Post Info TOPIC: NS back in hiring mode as 2Q profits surge


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NS back in hiring mode as 2Q profits surge
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NS back in hiring mode as 2Q profits surge
Norfolk Southern says it is hiring again after it reported a second quarter 59 percent surge in earnings credited to higher freight rates, improve efficiency and a recovering economy.

The Associated Press reports that NS returned to its payrolls nearly all the employees furloughed during the recession. It's also hiring some employees in areas where business is best. It still has about 8,000 rail cars in storage, compared with about 35,000 at the peak of the recession.

NS CEO Wick Moorman told the AP, "Looking ahead, while we share the common concerns about the ongoing strength of the recovery, our traffic levels remain strong."

Moorman said he expects freight traffic volume improvements to remain steady throughout the year. Shipments jumped 22 percent in the second quarter, for a fourth straight quarter of volume growth.

NS said it earned $392 million, or $1.04 per share for the second quarter, compared with $247 million, or 66 cents per share a year earlier. Revenue rose 31 percent to $2.43 billion. NS also raised its dividend by 6 percent.

(The preceding article is based on reporting July 28, 2010, by the Associated Press.)

July 28, 2010


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If Snippy was in Cleveland, the hiring on the premier railroad would quadruple!!! On ward to Cleveland!!!

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