NORFOLK (dpa-AFX) - Norfolk Southern Corporation (NSC) announced that its board has approved a 5% increase in its quarterly dividend on the company's common stock, from 94 to 99 cents per share. The dividend is payable March 10 to shareholders of record on Feb. 5.
The company also announced an increase to its long-term target dividend payout ratio to a range of 35-40% of net income from 33%.
Fourth-quarter net income was $671 million, and earnings per share were $2.64. Income from railway operations was $1.0 billion, an increase of 2% year-over-year. Railway operating revenues of $2.6 billion was down 4%, driven by a 1% decline in volume, lower fuel surcharges, and differing business mix.
Copyright RTT News/dpa-AFX
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