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.
