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NORFOLK SOUTHERN CORPORATION REPORTS EARNINGS

 NEW YORK, Jan. 27 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today reported 1992 earnings per share of $3.94, up 10 percent from $3.57 in 1991 (excluding a special charge of $680 million in the fourth quarter of 1991). Net income for 1992 was $558 million, up 6 percent from $527 million in 1991 (excluding the special charge).
 Earnings per share for the fourth quarter 1992 were 91 cents, down 9 percent from $1.00 in 1991 (excluding the special charge). Net income for the quarter was $128 million, down 10 percent from 1991 (excluding the special charge). Fourth quarter 1992 net income includes a charge of $27 million ($18 million after tax) reflecting an actuarial valuation of casualty claims and workers' compensation reserves at its motor carrier subsidiary, North American Van Lines, Inc.
 "Income from railway operations made an especially strong gain in 1992," said David R. Goode, chairman, president and chief executive officer. "An increase in transportation operating revenues coupled with a slight decrease in railway operating expenses in 1992 yielded a 12 percent increase in income from operations, excluding the effect of last year's special charge."
 Total transportation operating revenues for 1992 were $4.61 billion, up 3 percent from $4.45 billion in 1991. Railway operating revenues were up 3 percent, and motor carrier revenues were up 4 percent.
 For the fourth quarter, total transportation operating revenues were $1.17 billion, up 6 percent from $1.10 billion for the fourth quarter of 1991. Railway operating revenues were up 6 percent, and motor carrier revenues were up 7 percent.
 Total transportation operating expenses for the year were $3.72 billion, up 2 percent from $3.66 billion in 1991 (excluding the special charge), with railway operating expenses down slightly and motor carrier expenses up 9 percent.
 For the fourth quarter, total transportation operating expenses were $966 million, up 6 percent from $912 million in 1991 (excluding the special charge). Railway operating expenses increased two percent, while motor carrier expenses increased 22 percent.
 The railway operating ratio, the percentage of revenues that goes into operating the railroad, was 75.5 for the year -- the second best operating ratio in Norfolk Southern's history -- compared with 78.3 in 1991 (excluding the special charge). For the fourth quarter, the operating ratio was 75.1, compared with 78.5 in 1991 (excluding the special charge).
 -0- 1/27/93
 /CONTACT: Magda A. Ratajski, 804-629-2710, Robert C. Fort, 804-629-2714, J. Donlan Piedmont, 703-981-5407, or Richard W. Harris, 404-529-2193, all of Norfolk Southern Corporation/
 (NSC)


CO: Norfolk Southern Corporation ST: Virginia IN: TRN SU: ERN

CM -- CH001 -- 9457 01/27/93 08:55 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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