Norfolk Southern’s 4th quarter profit up 4%
Norfolk Southern Corp. on Tuesday posted fourth quarter net income of $399 million, a 3.6 percent increase compared with $385 million for the same quarter in 2006.
The company’s quarterly income from railway operations increased 11.7 percent to $686 million, while railway operating revenue reached $2.45 billion, a 5.8 percent increase year on year.
For the full year, Norfolk Southern's net income was down 1.1 percent to $1.46 billion while income from railway operations increased by the same margin to $2.59 billion. Annual operating revenue was up 0.3 percent to $9.43 billion.
'I am pleased to report that Norfolk Southern delivered a strong financial performance in the fourth quarter in the face of economic headwinds and higher fuel costs,' said Chief Executive Officer Wick Moorman. 'While the economic picture remains uncertain, we are optimistic about our prospects for 2008 and beyond.”