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NORFOLK SOUTHERN REPORTS EARNINGS

 NEW YORK, April 28 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today reported first-quarter net income of $362 million, or $2.58 per share.
 Included in these results is $223 million, or $1.59 per share, reflecting implementation of certain standards promulgated by the Financial Accounting Standards Board and applicable to most large American companies. Otherwise, first-quarter net income would have been $139 million, unchanged from 1992, and earnings per share would have been 99 cents, compared with 97 cents last year, reflecting the corporation's ongoing stock purchase program.
 One of the new accounting standards, related to deferred income taxes, increased net income by $467 million, while the others, related to postemployment and postretirement benefits other than pensions, decreased net income by $244 million.
 "The severe March storm increased our operating expenses, and coal revenues continued to be affected adversely by the sluggish European economy," said David Goode, chairman, president and chief executive officer. "However, strength in other commodity groups, particularly automobiles and intermodal, coupled with gains from the sale of some properties, enabled us to stay even with last year's first quarter."
 Total transportation operating revenues for the first quarter were $1.12 billion, 2 percent higher than the $1.10 billion a year ago. Railway operating revenues of $929 million were 1 percent higher than last year's $919 million, and motor carrier revenues of $187 million were 4 percent higher than last year's $180 million.
 Revenues from coal traffic were down 8 percent from last year, principally because of lower exports. An increase of 6 percent in railway merchandise revenues more than offset the decline in coal. The commodity groups with the strongest revenue gains were automotive, up 19 percent, intermodal, up 9 percent, and metals/construction, up 7 percent. In addition, Norfolk Southern realized pre-tax gains of about $27 million from the sale of properties.
 Total transportation operating expenses for the first quarter were $922 million, up 4 percent from $886 million in 1992. Railway operating expenses were up 5 percent, and motor carrier expenses were even with last year.
 The railway operating ratio, the percentage of revenues that goes into operating the railroad, was 77.8 for the first quarter, compared with last year's record low first-quarter operating ratio of 74.8.
 -0- 4/28/93
 /CONTACT: Magda A. Ratajski, 804-629-2710, Robert C. Fort, 804-629-2714, Robert M. Auman, 703-981-5426, 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 -- 1796 04/28/93 08:56 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:422
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