January 24, 2007
Norfolk Southern Reports Fourth-Quarter and 2006 Results
Financial Statements
NS set the following fourth-quarter records:
Railway operating revenues increased 3 percent to $2.3 billion.
Income from railway operations rose 3 percent to $614 million.
Net income increased 6 percent to $385 million.
Diluted earnings per share climbed 9 percent to $0.95.
NS set the following records for the year:
Railway operating revenues climbed 10 percent to $9.4 billion.
Income from railway operations rose 21 percent to $2.6 billion.
Net income increased 16 percent to $1.5 billion, or $3.57 per diluted share.
NORFOLK, VA - Norfolk Southern Corporation (NYSE: NSC) today reported record fourth-quarter 2006 net income of $385 million, an increase of 6 percent compared with $362 million for fourth-quarter 2005. Earnings per diluted share were a record $0.95, up 9 percent compared with the $0.87 per diluted share earned in the fourth quarter of 2005.
Net income for 2006 was a record $1.5 billion, or $3.57 per diluted share, an increase of 16 percent compared with net income of $1.3 billion, or $3.11 per diluted share, for 2005. Results for 2005 included a benefit of $96 million from the effects of Ohio tax legislation, which increased diluted earnings per share by $0.23. Excluding this item, net income for 2006 would have been 25 percent higher than the $1.2 billion, or $2.88 per diluted share, earned in 2005.
“Our financial performance continues to showcase the strength and dedication of our people and this company. We are handling business demands unimaginable only a few years ago, and doing it safely and efficiently, often in the face of considerable challenges. And we continue to set historically good results that benefit our customers and investors,” said Chief Executive Officer Wick Moorman.
"We’re clearly facing a softer economy, at least in terms of some of our important markets and the overall su