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The economic recovery is well under way and likely will continue into 2012, Norfolk Southern Corp. Chairman, President and Chief Executive Officer Wick Moorman told attendees yesterday at the Class I’s 29th annual stockholders meeting in Williamsburg, Va.

The railroad reported its second-highest revenue in 2010, and then earned record revenue, income from railway operations and earnings per share in first-quarter 2011, he said, according to a press release.

"We at Norfolk Southern feel good about the results we are producing and are confident in our ability to produce superior service for customers and superior returns for shareholders," said Moorman.

NS’ investments in corridor initiatives — highlighted by the 2010 opening of the Heartland Corridor intermodal route, and the 2011 groundbreakings for new intermodal terminals in Alabama and Tennessee — will support current and future volume growth, he believes.

“These initiatives give us increased rail capacity, and also provide safety and environmental benefits for the public," said Moorman. "They are also important indicators of our commitment to sustainable business practices that create green jobs.”

In addition, NS’ “targeted recruitment” of train and engine-service employees to handle growing volumes is paying off with improved customer service, he said.

Meanwhile, CSX Transportation yesterday presented its Partnershipping Award to the Okefenokee Area Development Authority (OADA) for helping to locate a new Georgia BioMass L.L.C. wood pellet production facility in Waycross, Ga., on the Class I’s line.

OADA worked with CSXT, European customers, the state of Georgia and Ware County to “make this significant economic development happen,” said Clark Robertson, CSXT’s assistant vice president of regional development, in a prepared statement. The Class I expects to move about 750,000 tons of wood products annually via unit trains from the plant to Port of Savannah.
 
“Given the abundant forest assets in the region, we are hopeful that other firms may be encouraged to join in the production of wood products for renewable energy and take advantage of our … rail network,” said Robertson.