April 26 , 2006
Norfolk Southern Reports Record Revenues; Net Income Increases 57
Percent
For first-quarter 2006 vs. first-quarter 2005:
-
Railway operating revenues of $2.3 billion were the highest of
any quarter in Norfolk Southern’s history. -
Income from railway operations climbed 37 percent to $551 million
and set a first-quarter record. -
Net income increased 57 percent to $305 million,or $0.72 per
diluted share. -
The railway operating ratio improved 3.3 percentage points to
76.1 percent.
NORFOLK, VA – Norfolk Southern Corporation (NYSE: NSC) today reported
first-quarter net income of $305 million, or $0.72 per diluted share,
an increase of 57 percent compared with $194 million, or $0.47 per
diluted share, for the first quarter of 2005.
“Continued strong demand for rail service allowed us to produce a
substantial improvement over the prior year,” said Wick Moorman,
Norfolk Southern’s chief executive officer. “From our vantage point,
demand for rail transportation remains healthy, and our first-quarter
results reflect solid execution throughout the enterprise. I’m even
more encouraged that we were able to achieve our lowest first-quarter
operating ratio since the Conrail transaction and report continuing
substantial volume growth in conjunction with our improved earnings.”
Railway operating revenues of $2.3 billion were the highest of any
quarter in Norfolk Southern’s history and improved 17 percent compared
with $1.96 billion in the first quarter of 2005.
General merchandise revenues were a record $1.28 billion, an increase
of 18 percent compared with the same period a year earlier. The gains
were due primarily to higher average revenues and a 3 percent increase
in traffic volumes. Each of the major business groups reported revenue