Norfolk Southern posts $385 million profit in 4th quarter

Norfolk Southern posts $385 million profit in 4th quarter Norfolk Southern Corp. Wednesday reported its best-ever fourth quarter and annual results.
   The Virginia-based company posted fourth quarter net income of $385 million, an increase of 6 percent compared with $362 million for the same quarter in 2005. Income from railway operations increased 3 percent to $614 million, while railway operating revenue reached $2.3 billion, a 3 percent increase over the same period a year earlier.
   'We're clearly facing a softer economy, at least in terms of some of our important markets and the overall surface transportation marketplace, but our traffic volumes are still at levels close to our all-time highs, evidence that the railroad renaissance is still alive and well,' said Wick Moorman, chief executive officer.
   For the full year, Norfolk Southern's net income was $1.5 billion, an increase of 16 percent compared to $1.3 billion in 2005. Income from railway operations in 2006 climbed 21 percent to $2.6 billion for the year, while railway operating revenue was up 10 percent to $9.4 billion.