Norfolk Southern Corp. reported third quarter income of $1.1 billion on revenue that was 2% higher at $3.1 billion despite flat freight volumes. Diluted earnings per share was $3.16, down from the prior year and short of Wall Street’s forecast range of $3.18 to $3.22. The earnings for the Atlanta-based carrier (NYSE: NSC) came after the close of markets and on the same day proposed merger partner Union Pacific (NYSE: UNP) reported its earnings. Income from railway operations was lower than the previous ...

Union Pacific was firing on all cylinders during the third quarter, as pricing gains, record workforce productivity and fuel consumption led to higher profits despite flat volume. “We are focused on driving continued improvements in our pursuit of what’s possible … [C]ore pricing gains and continued operational efficiencies drove the strong financial results in the quarter,” Chief Executive Jim Vena said on the railroad’s Thursday morning earnings call. “Freight revenue, excluding fuel, grew for the sixth ...