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Norfolk Southern 4Q drops
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January 27, 1999: 12:04 p.m. ET
Incorporation of Conrail operations reduces 4Q net by 29 percent
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NEW YORK (CNNfn) - Norfolk Southern Corp. says costs related to the integration of Conrail into the company reduced fourth-quarter earnings per share by 29 percent.
The Norfolk, Va.-based railway operator says earnings for the three months declined to $160 million, or 42 cents a diluted share, from $224 million, or 59 cents, a year earlier. The latest-quarter results are in line with the consensus of analysts' estimates compiled by First Call.
Revenue for the three-month period declined 3 percent to $1.03 billion.
Norfolk Southern (NSC) says it continues the process of implementing its 1997 joint acquisition of Conrail with CSX Corporation (CSX). The company says its management of Conrail operations will begin once labor agreements are reached.
"We look forward to implementing the Conrail transaction, and we eagerly anticipate significant opportunities to participate fully in the economies of the Northeast," says Norfolk Southern chairman David Goode. "We are sparing no effort to meet our commitment to provide fully responsive service to our customers."
For all of 1998, Norfolk Southern says net income rose 2 percent to $734 million, or $1.93 a diluted share, from $721 million, or $1.90, in 1997. The latest year includes a $105 million after-tax gain on the sale of the North American Van Lines unit. Revenue was virtually unchanged at $4.22 billion.
Norfolk Southern stock is up 3/8 to 27-15/16 in Wednesday morning trading.
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Norfolk Southern
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