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1/23/2002



Rail News: Rail Industry Trends

NS finishes 2001 on a strong note


Norfolk Southern Corp. Jan. 23 reported fourth-quarter net income of $115 million, a quantum leap compared with fourth-quarter 2000 net income of $5 million, which included a $39 million workforce reduction charge.
"I am encouraged with our progress in 2001 in light of a challenging economy that exerted considerable downward pressure on volumes throughout the year,'' said David Goode, NS chairman, president and chief executive officer, in a prepared statement. "The substantial improvements in income ? reflect the results of our rigorous cost controls, increases in revenue yield and a continual focus on providing safe and reliable service."
Quarterly operating revenues of $1.53 billion rose slightly compared with 2000, despite a 1 percent, or 20,600-unit, carload drop.
Operating expenses of $1.3 billion decreased 7 percent, and NS? operating ratio improved to 82 compared with 88.2 in the same 2000 period. For 2001, the railroad?s operating ratio improved to 83.7, compared with 2000?s 87.
"As 2002 progresses, we are well positioned to handle increased business when the economy rebounds, and will continue to focus intensely on making service improvements that will enable NS to capitalize on its expanded network," said Goode.


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