NS records lower profit, revenue
Norfolk Southern Corp. said Tuesday it had first quarter net profit of $177 million, 39 percent less than the $291 million it earned in the same 2008 period.
Revenue in the period was $1.94 billion, 22 percent less than in the same 2008 period as traffic volumes fell 20 percent.
The company said intermodal revenue in the quarter was $366 million compared to $486 million the same period the prior year. General merchandise revenues fell to $975 million from $1.35 billion, and coal revenue was $602 million compared to $662 million in the first quarter of 2008.
“Current economic conditions were clearly reflected in Norfolk Southern’s first-quarter results,” said Wick Moorman, chief executive officer. “We are responding by aggressively controlling costs, while enhancing our service and continuing to invest in projects that will drive future growth. This approach will position us to participate in the economy’s eventual recovery as we tightly manage the company in the face of an ongoing reduction in railway traffic volumes.”
