Norfolk Southern posts record railway income, revenue
Norfolk Southern Corp. Wednesday announced record fourth quarter net income of $264 million up from $52 million for the year-earlier period.
Norfolk Southern said the fourth quarter 2003 result was reduced by $119 million in costs related to a voluntary separation program and an asset impairment charge that together reduced the quarter’s net income by $119 million.
Net income for 2004 was a record $923 million, compared with $535 million for 2003. During the third-quarter Norfolk Southern made a non-cash gain of $53 million from the Conrail corporate reorganization.
Norfolk Southern’s operating revenues and income from railway operations each set fourth quarter and full year records. Income from railway operations increased 40 percent to $462 million for the quarter and 45 percent to $1.7 billion for 2004. Fourth quarter railway operating revenues increased 16 percent to $1.9 billion, while full year results increased 13 percent to $7.3 billion.
Norfolk Southern’s stock closed up slightly at $34.10 on the New York Stock Exchange Thursday evening.