Norfolk Southern Corporation (NYSE: NSC) has made great strides over its 30-year history, posting its best-ever performance over the past two years, "and the best is still to come," CEO Wick Moorman told stockholders at the company's 31st annual meeting, held today at Williamsburg, Va.
"Our railroad is on track to continue to do great things as we continue emphasizing operating efficiency and productivity," Moorman said. "I'm excited and optimistic about our company's future."
Moorman noted that even with a downturn in coal traffic in 2012, Norfolk Southern still recorded its second-best year for revenue, operating income, net income, and earnings per share - topped only by 2011.
Moorman said the company's public-private partnership investments in strategic rail corridors position intermodal business as a major competitive strength. New intermodal facilities opened over the past two years "help us build business, while creating jobs in communities and strengthening local economies."
He praised the skill of employees and their efforts to sustain Norfolk Southern's industry leadership in safety, service, and environmental responsibility.
Moorman thanked three retiring directors for their longstanding distinguished service to the corporation: Jerry Baliles, director of the Miller Center of Public Affairs at the University of Virginia and former governor of Virginia; Pete Correll, chairman of Atlanta Equity Investors and former chairman of Georgia Pacific Corporation; and Adm. Paul Reason, former president and chief operations officer of Metro Machine Corporation and retired four-star admiral assigned as commander in chief U.S. Atlantic Fleet.
In official business, stockholders re-elected 12 directors for terms expiring in 2014: 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; Burton M. Joyce, former chairman of IPSCO; Steven F. Leer, executive chairman of Arch Coal Inc.; Michael D. Lockhart, retired chairman, president, and chief executive officer of Armstrong World Industries Inc.; Moorman; Martin H. Nesbitt, co-founder of The Vistria Group; and John R. Thompson, government relations consultant for Best Buy Co. Inc.
Stockholders ratified appointment of KPMG LLP as auditors, approved an advisory resolution on the compensation of executive officers, and approved an amendment to the company's bylaws to give stockholders the right to call a special meeting.
Moorman's remarks to stockholders and a new video are posted in the Investors section of the NS website.
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
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