Norfolk Southern sees net income slide

Rail giant Norfolk Southern Corp. (NS) said its net income in the third quarter of 2001 dipped to $79 million, down from $99 million in the same quarter last year. However, NS noted its net income in the third quarter of 2000 included a gain of $46 million from the sale of timber properties. David R. Goode, president & CEO of NS, said net income the first nine months of 2001 was much higher, despite

Rail giant Norfolk Southern Corp. (NS) said its net income in the third quarter of 2001 dipped to $79 million, down from $99 million in the same quarter last year. However, NS noted its net income in the third quarter of 2000 included a gain of $46 million from the sale of timber properties.

David R. Goode, president & CEO of NS, said net income the first nine months of 2001 was much higher, despite continued weakness in the U.S. economy and a 5% decline in intermodal revenues.

For the first nine months of 2001, NS posted net income of $260 million, which included an after-tax gain of $13 million related to the 1998 sale of its former trucking subsidiary, North American Van Lines. This compares with net income of $167 million in the same period last year, which included a work-force reduction charge and gains on the sale of timber rights and certain interests in oil and natural gas properties.

Railway operating revenues for the quarter were $1.51 billion, down 2% from last year, and for the first nine months were $4.64 billion, unchanged from last year.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish