NORFOLK SOUTHERN 1ST-QUARTER INCOME JUMPS 336%

NORFOLK SOUTHERN 1ST-QUARTER INCOME JUMPS 336%

   Norfolk Southern Corp. said Wednesday that its first-quarter income from continuing operations rose 336 percent to $61 million.

   Reported net income for the Norfolk, Va.-based railroad was $74 million, which reflected an after-tax gain of $13 million related to the 1998 sale of its former trucking subsidiary, North American Van Lines Inc. This compares to a first-quarter net loss of $48 million, which included an after-tax work-force reduction charge of $62 million.

   Operating revenue for the most recent quarter was $1.54 billion, up 2 percent. Coal revenues rose 13 percent to $393 million, while intermodal revenue rose 12 percent to $276 million, boosted by domestic container business. General merchandise revenue fell 5 percent to $871 million due to cutbacks in automotive production, which affected metals revenues, NS said.

   '”Our restructuring initiatives are beginning to generate momentum,” said David R. Goode, chairman, president and chief executive officer of Norfolk Southern. “As we move ahead, we will continue to take the necessary steps to deliver service our customers deserve and the returns our investors expect.”