The business fundamentals that created a record five-year run for Norfolk Southern Corporation (NYSE: NSC) leading into the recession are still in place, and, “Longer term, it will get better,” said Chief Executive Officer Wick Moorman during the company’s 27th annual stockholders meeting, held today in Williamsburg, Va.
“Rail’s future and our potential to help solve our nation’s transportation crisis are as promising today as they have ever been,” Moorman said.
“The fundamentals of our business are very strong,” he said. “The factors that drove our growth over the past five years – higher fuel efficiency in a world with rising energy costs along with ever-increasing highway congestion – are still there, along with our superior performance in terms of emissions and sustainability.” Moorman’s remarks are posted on the company’s Web site at www.nscorp.com.
In official business, stockholders re-elected four directors: Daniel A. Carp, chairman of the board of Delta Airlines Corporation; Steven F. Leer, chairman and chief executive officer of Arch Coal, Inc.; Michael D. Lockhart, chairman, chief executive officer, and president of Armstrong World Industries; and Moorman. Stockholders also ratified the appointment of KPMG LLP as auditors and did not approve a stockholder proposal concerning additional disclosure of corporate political contributions.
Norfolk Southern Corporation is one of the nation’s premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides superior connections to western rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is North America’s largest rail carrier of metals and automotive products.