Printer Friendly

NORFOLK SOUTHERN CORPORATION REPORTS SECOND-QUARTER EARNINGS

 NORFOLK SOUTHERN CORPORATION REPORTS SECOND-QUARTER EARNINGS
 NEW YORK, July 29 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today reported second-quarter earnings per share of $1.03, up 14 percent from the 90 cents reported in last year's second quarter and the highest-ever quarterly earnings per share. Second-quarter net income was $145 million, up 8 percent from the $134 million earned in the 1991 second quarter. The earnings per share increase was greater than the increase in net income as a result of the continuing stock purchase program.
 For the first half of 1992, earnings per share of $2.00 were up 29 percent from the $1.55 per share in last year's first half. Net income was $284 million, up 21 percent from $234 million in last year's first half.
 "Our strong performance reflects our commitment to increased productivity and cost control," said Arnold B. McKinnon, chairman and chief executive officer.
 Total transportation operating revenues for the second quarter were $1.15 billion, 3 percent higher than the $1.11 billion a year ago. Rail operating revenues of $940 million were 3 percent above last year's $908 million, and motor carrier revenues of $207 million were 1 percent higher than the $206 million of last year's second quarter.
 All commodity group revenues except coal increased in the second quarter, with increases ranging from 2 percent for metals/construction to 18 percent for auto/military traffic. Coal, coke and iron ore trailed last year's second quarter by 4 percent and the first half by 6 percent.
 For the first half of 1992, total transportation operating revenues were $2.25 billion, up 3 percent from the $2.18 billion the previous year. First-half rail operating revenues were $1.86 billion, up 3 percent from last year's $1.80 billion, and first-half motor carrier revenues of $387 million increased 2 percent above the $379 million in the comparable 1991 period.
 For the first half of 1992, commodity group improvements ranged from less than 1 percent for metals/construction to 31 percent for auto/military.
 Total transportation operating expenses for the second quarter were $917 million, up 1 percent from last year's $909 million. Railway operating expenses for the quarter increased 1 percent while motor carrier expenses remained essentially flat. For the first half of 1992, total transportation operating expenses declined 1 percent, with rail expenses down 2 percent and motor carrier expenses up 4 percent.
 The rail operating ratio, the percentage of revenues that goes into operating the railroad, was 76.0 for the second quarter, compared with 77.7 for the second quarter of 1991, and 75.4 for the first half, compared with 79.8 in 1991. This is the best first-half operating ratio in Norfolk Southern's history.
 -0- 7/29/92
 /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


JZ -- CH003 -- 4448 07/29/92 09:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1992
Words:500
Previous Article:AT&T 800 SERVICE -- 25 YEARS AND COUNTING
Next Article:ICN AND SUBSIDIARY COMPANIES ANNOUNCE MANAGEMENT APPOINTMENTS
Topics:


Related Articles
NORFOLK SOUTHERN EXPECTS SPECIAL CHARGE TO FOURTH QUARTER EARNINGS AND CONSIDERS CURRENT SHARE PURCHASE PROGRAM SUSPENSION
NORFOLK SOUTHERN CORPORATION REPORTS RESULTS
NORFOLK SOUTHERN ANNOUNCES FIRST QUARTER RESULTS
NORFOLK SOUTHERN ANNOUNCES EARNINGS
NORFOLK SOUTHERN REPORTS SECOND-QUARTER EARNINGS
NORFOLK SOUTHERN REPORTS RECORD FIRST-QUARTER EARNINGS
NORFOLK SOUTHERN REPORTS FIRST-QUARTER RECORDS
NORFOLK SOUTHERN REPORTS RECORD EARNINGS
NORFOLK SOUTHERN REPORTS NEW HIGHS FOR QUARTER, FIRST HALF
Norfolk Southern Second Quarter EPS Will Fall Below Analysts' Consensus.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters