Norfolk Southern Corp. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2012. The company reported fourth-quarter 2012 net income of $413 million, or $1.30 per diluted share, compared with $480 million, or $1.42 per diluted share, earned in the fourth quarter of 2011. Income from railway operations was $714 million, 11% lower compared with $800 million for the fourth-quarter of 2011. Total railway operating revenues were $2,684 million against $2,797 million for the same period of last year. Income before income taxes was $621 million against $723 million for the same period of last year. Income before income taxes decreased $102 million, or 14%, due primarily to lower operating income.

For the year, net income was $1.7 billion, or $5.37 per diluted share, compared with $1.9 billion, or $5.45 per diluted share, earned in 2011. Income from railway operations was $3,124 million for 2012, 3% lower compared with $3,213 million for 2011. Total railway operating revenues were $11,040 million against $11,172 million for the same period of last year. Income before income taxes was $2,758 million against $2,918 million for the same period of last year. Net cash provided by operating activities was $3,065 million against $3,227 million for the same period of last year. Property additions were $2,241 million against $2,160 million for the same period of last year. Cash from operation covered capital spending and produced $824 million in free cash flow.

For the fiscal year 2013, the company have budgeted $2 billion, which expect to fully fund with cash generated from operations. The 2013 budget is 10% below 2012 capital expenditures.