Norfolk Southern sees net income slide

Oct. 25, 2001
Rail giant Norfolk Southern Corp. (NS) said its net income in the third quarter of 2001 dipped to $79 million, down from $99 million in the same quarter last year. However, NS noted its net income in the third quarter of 2000 included a gain of $46 million from the sale of timber properties. David R. Goode, president & CEO of NS, said net income the first nine months of 2001 was much higher, despite
Rail giant Norfolk Southern Corp. (NS) said its net income in the third quarter of 2001 dipped to $79 million, down from $99 million in the same quarter last year. However, NS noted its net income in the third quarter of 2000 included a gain of $46 million from the sale of timber properties.

David R. Goode, president & CEO of NS, said net income the first nine months of 2001 was much higher, despite continued weakness in the U.S. economy and a 5% decline in intermodal revenues.

For the first nine months of 2001, NS posted net income of $260 million, which included an after-tax gain of $13 million related to the 1998 sale of its former trucking subsidiary, North American Van Lines. This compares with net income of $167 million in the same period last year, which included a work-force reduction charge and gains on the sale of timber rights and certain interests in oil and natural gas properties.

Railway operating revenues for the quarter were $1.51 billion, down 2% from last year, and for the first nine months were $4.64 billion, unchanged from last year.

About the Author

Sean Kilcarr | Editor in Chief

Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.

 

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