Norfolk Southern Corp. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Capital Expenditure Guidance for the Fiscal Year 2013
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.