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NORFOLK SOUTHERN ANNOUNCES FIRST QUARTER RESULTS

 NORFOLK SOUTHERN ANNOUNCES FIRST QUARTER RESULTS
 NORFOLK, Va., April 24 /PRNewswire/ -- Norfolk Southern


Corporation (NYSE: NSC) today announced first-quarter net income of $139 million, up 39 percent from the $100 million earned in the 1991 first quarter and the second-highest first quarter for the corporation. Earnings per share of 97 cents were 49 percent higher than the 65 cents per share a year ago. The earnings per share increase was greater than the increase in net income as a result of the continuing share purchase program.
 "This strong first quarter reflects, on the expense said, both our constant attention to cost control and the increased productivity resulting from the initial implementation of last December's far- reaching labor agreements," said Arnold B. McKinnon, chairman and chief executive officer. "We're also very pleased with the traffic improvements in most of the commodity groups."
 Total transportation operating revenues for the first quarter were $1.10 billion, 3 percent higher than the 1.07 billion a year ago. Railway operating revenues of $919 million were 3 percent above last year's $891 million, and motor carrier revenues of $180 million were 3 percent higher than last year's first-quarter $174 million.
 Commodity group revenue improvements ranged from 1 percent for intermodal to 50 percent for auto and military/government traffic. Coal, coke and iron ore trailed last year's first quarter by 8 percent, evidence that mild seasonal weather continues to temper utility coal needs. Only one other commodity, metals/construction, was down for the quarter, with a 2 percent decline.
 Total transportation operating expenses for the first quarter were $886 million, down from last year's $913 million. Railway operating expenses of $687 million were 6 percent lower than last year's $731 million, while motor carrier operating expenses of $198 million, which reflect unusually large accruals principally for contingent liabilities associated with on-going litigation, were 9 percent above last year's $182 million.
 The railway operating ratio, the percentage of revenues that goes into operating the railroad, was 74.8, compared with 82.0 in the first quarter of 1991.
 -0- 4/24/92
 /CONTACT: Bob Fort, Asst. Vice President, 804-629-2714, or Don Piedmont, Director, 703-981-5407, both of Norfolk Southern Corporation Public Relations Department/
 (NSC) CO: Norfolk Southern Corporation ST: Virginia IN: TRN SU: ERN


DF -- CH009 -- 2473 04/24/92 12:45 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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