NORFOLK SOUTHERN REPORT FOURTH-QUARTER EARNINGS
Norfolk Southern Corp., based in Richmond, has reported fourth-quarter net income, excluding the effects of a workforce reduction charge, of $44 million, or $0.11 per diluted share, compared with $32 million, or 0.08 per diluted share, for the fourth of quarter of 1999.
But when the charge of $39 million is factored in, NS’s net income for the fourth quarter of 2000 was only $5 million, or 0.01 per diluted share.
Operating revenues in the fourth quarter were $1.5 billion, up two percent over the comparable period in 1999.
For all of 2000, excluding workforce reduction charges in the first and fourth quarters, NS’s net income was $273 million. With those charges factored in, reported net income was $172 million, compared to $239 million in 1999.
Diesel fuel costs, up more than 50 percent from 1999, had a significant impact on expenses.
Yesterday, NS announced layoffs of 2,000 jobs, in addition to layoffs and early retirements last year that reduced the railroad’s total workforce to 33,000. “These actions further align our company with changing economic realties,” said David R. Goode, chairman, president and chief executive officer of NS.