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NORFOLK SOUTHERN ANNOUNCES EARNINGS

 NORFOLK SOUTHERN ANNOUNCES EARNINGS
 NEW YORK, Oct. 28 /PRNewswire/ -- Norfolk Southern (NYSE: NSC) today


reported third-quarter earnings per share of $1.03, up 1 percent from the $1.02 reported in last year's third quarter and even with the record earnings per share reported in the 1992 second quarter. These earnings per share reflect the corporation's continuing stock purchase program. Third-quarter net income was $146 million, down 3 percent from the $150 million earned in last year's third quarter.
 For the first nine months of 1992, earnings per share of $3.03 were up 18 percent from the $2.57 for last year's nine-month period. Net income was $430 million, up 12 percent from the $384 million for the comparable 1991 period.
 "Both third-quarter and nine-month revenues ran ahead of last year despite a decline in coal traffic," said David R. Goode, chairman, president and chief executive officer.
 Total transportation operating revenues for the third quarter were $1.19 billion, up 2 percent from the $1.17 billion a year ago. Rail operating revenues of $951 million were 1 percent above last year's $942 million, and motor carrier revenues of $238 million were 5 percent above last year's $226 million.
 In the third quarter, several commodity groups posted revenue increases: auto/military (up 14 percent), intermodal (up 7 percent), paper/clay/forest (up 4 percent) and chemicals (up 1 percent). Coal, coke and iron ore revenues were 3 percent behind those recorded for last year's third quarter.
 For the first nine months of 1992, total transportation operating revenues were $3.43 billion, up 3 percent from the $3.35 billion the previous year. Year-to-date rail operating revenues were $2.81 billion, up 2 percent from last year's $2.74 billion, and year-to-date motor carrier revenues of $624 million were 3 percent above the $605 million for the comparable 1991 period.
 For the year to date, revenue improvements in commodity groups ranged from 1 percent for agricultural/consumer products to 25 percent for auto/military. In the same period, coal, coke and iron ore revenues, continuing to reflect comparatively weak demand, were off 5 percent.
 Total transportation operating expenses for the third quarter were $952 million, 3 percent above the $925 milion in 1991. Railway operating expenses for the quarter increased 2 percent and motor carrier expenses increased 7 percent. For the nine months, total transportation operating expenses were flat, compared with those a year ago. Rail expenses declined 1 percent while motor carrier expenses increased 5 percent.
 The railway operating ratio -- the percentage of revenues that goes into operating the railroad -- was 75.9 for the third quarter, compared with 75.4 last year, and 75.6 for the first nine months, compared with 78.3 in 1991. "We were able to maintain excellent operating ratios for both the third quarter and the first nine months," said Goode, "despite increased repair and maintenance expenditures, which we undertook even in the face of a flat economy as part of our ongoing program to improve customer service."
 -0- 10/28/92
 /CONTACT: Robert C. Fort, Assistant Vice President-Public


Relations, 804-629-2714, or Don Piedmont, Director-Public Relations, 703-981-5407, Norfolk Southern Corporation/
 (NSC) CO: Norfolk Southern Corporation ST: Virginia IN: TRN SU: ERN


CM -- CH002 -- 5826 10/28/92 09:26 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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