Norfolk Southern profit rises, cost cuts offset falling freight

CHICAGO (Reuters) - No. 4 U.S. railroad Norfolk Southern Corp on Thursday reported a higher quarterly profit that handily beat expectations, as cost cutting and measures taken to streamline operations offset a 6 percent decline in freight volumes.

The Norfolk, Virginia-based company reported first-quarter net income of $387 million or $1.29 per share, up 25 percent from $310 million or $1.00 per share a year earlier.

Analysts had on average expected earnings per share of 97 cents.

(Reporting by Nick Carey; Editing by Matthew Lewis)