By Maria Armental
Norfolk Southern Corp. is raising its dividend to $1.09 a share, a 10-cent or 10% raise, citing a bullish outlook.
"This dividend increase demonstrates our confidence in Norfolk Southern's improved revenue and operating ratio outlooks, as well as our commitment to long-term sustained value for our shareholders," Chief Executive James A. Squires said in a statement.
The company reported earnings this week, including second-quarter records for net income and diluted per-share profit and quarterly records for operating ratio and income from railway operations.
The railroad operator said the new payout will be made on Aug. 20 to shareholders of record as of Aug. 9.
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(END) Dow Jones Newswires