NORFOLK, VA. – For the second quarter of 2006, Norfolk Southern
Corporation (NYSE: NSC) reported net income of $375 million, or $0.89
per diluted share, compared with $424 million, or $1.04 per diluted
share, for the same period of 2005. Second-quarter 2005 results
included a benefit from the effects of Ohio tax legislation as well
as the effects of the settlement of two coal rate cases, which
combined to increase 2005 reported results by $120 million, or $0.29
per diluted share. Second-quarter 2006 net income was 23 percent
higher than the $304 million, or $0.75 per diluted share, earned in
the same period of 2005, excluding those two items.
Railway operating revenues increased 11 percent to a record $2.39
billion.
Income from railway operations rose 14 percent to a record $677
million.
Net income was $375 million, or $0.89 per diluted share.
The railroad operating ratio improved to 71.7 percent.
Carload shipments increased 4 percent to a record 2 million units.
“I am pleased to report that Norfolk Southern produced record
revenues and income from railway operations in the second quarter,
reflecting the continuing strength of the market for our
transportation products, as well as our sustained focus on providing
a higher-value service product,” said CEO Wick Moorman. “Demand for
rail transportation continues to grow in most sectors of our
business, and our second-quarter results reflect strong volume growth
and an improved operating ratio.”
For the first six months, net income was a record $680 million, or
$1.61 per diluted share, an increase of 10 percent compared with $618
million, or $1.51 per diluted share, for the same period of 2005.
Results for the first six months included a combined benefit from the
tax legislation and settlement of the rate cases of $120 million, or
$0.29 per diluted share. Excluding this $120 million, net income for
the first six months of 2006 would have been 37 pe