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US tax reform adds US$3.4 billion to Norfolk Southern net profit
来源： 编辑：编辑部 发布：2018/01/30 08:55:49
NORFOLK Southern's net profit increased 11.7 per cent year on year in 2017 to US$1.9 million, drawn on revenues of $10.6 billion, up seven per cent.
These results include effects of the enactment of the Tax Cuts and Jobs Act of 2017, which added $3.4 billion to the company's net profit.
Fourth quarter net profit came to $3.96 million while annual net profit came to $5.4 million, reported American Shipper.
Excluding the effects of tax reform, fourth quarter adjusted net profit increased 16.6 per cent year on year to $486 million. For the full year, adjusted net income increased 11.7 per cent to $1.9 billion.
The effects of tax reform decreased railway operating expenses $151 million, offsetting increased incentive compensation and higher fuel prices.
"Norfolk Southern is open for growth, and we are optimistic as we head into 2018 that the current economic environment will provide an opportunity for continuing growth," said company chairman, president and CEO James Squires.
"We remain steadfast in our commitment to deliver on the goals in our Strategic Plan, of which positioning ourselves for growth is a key element," he said.
In 2017, Norfolk Southern invested over $1.7 billion in capital, such as reinvesting in the maintenance of its rail infrastructure and supporting economic growth.
Looking forward in 2018, Norfolk Southern said it plans to invest $1.8 billion to maintain the safety of its rail network, enhance service, improve operational efficiency and support growth.
These results include effects of the enactment of the Tax Cuts and Jobs Act of 2017, which added $3.4 billion to the company's net profit.
Fourth quarter net profit came to $3.96 million while annual net profit came to $5.4 million, reported American Shipper.
Excluding the effects of tax reform, fourth quarter adjusted net profit increased 16.6 per cent year on year to $486 million. For the full year, adjusted net income increased 11.7 per cent to $1.9 billion.
The effects of tax reform decreased railway operating expenses $151 million, offsetting increased incentive compensation and higher fuel prices.
"Norfolk Southern is open for growth, and we are optimistic as we head into 2018 that the current economic environment will provide an opportunity for continuing growth," said company chairman, president and CEO James Squires.
"We remain steadfast in our commitment to deliver on the goals in our Strategic Plan, of which positioning ourselves for growth is a key element," he said.
In 2017, Norfolk Southern invested over $1.7 billion in capital, such as reinvesting in the maintenance of its rail infrastructure and supporting economic growth.
Looking forward in 2018, Norfolk Southern said it plans to invest $1.8 billion to maintain the safety of its rail network, enhance service, improve operational efficiency and support growth.