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Rail News: Financials
4/27/2005
Rail News: Financials
1Q: NS increases income, improves operating ratio despite costly derailment
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Although January’s deadly train derailment in Graniteville, S.C., added $35 million to quarterly expenses, Norfolk Southern Corp.’s first-quarter operating ratio of 79.4 improved 0.2 points compared with first-quarter 2004. NS officials estimate the derailment raised the quarterly operating ratio 1.7 points.
Today, NS also reported first-quarter revenue of $1.96 billion — a quarterly record and 15 percent increase compared with last year. General merchandise revenue of $1.1 billion rose 12 percent, intermodal revenue of $408 million increased 24 percent and set a quarterly record, and coal revenue of $467 million went up 17 percent. In addition, NS’ quarterly net income of $194 million rose 23 percent and traffic volume increased 6 percent.
However, quarterly operating expenses of $1.6 billion rose 16 percent compared with first-quarter 2004 primarily because of the derailment and escalating fuel costs.
“Our solid first-quarter results reflect robust volumes and revenues, and … [an] improving operating ratio,” said NS Chairman and Chief Executive Officer David Goode in a prepared statement.
Today, NS also reported first-quarter revenue of $1.96 billion — a quarterly record and 15 percent increase compared with last year. General merchandise revenue of $1.1 billion rose 12 percent, intermodal revenue of $408 million increased 24 percent and set a quarterly record, and coal revenue of $467 million went up 17 percent. In addition, NS’ quarterly net income of $194 million rose 23 percent and traffic volume increased 6 percent.
However, quarterly operating expenses of $1.6 billion rose 16 percent compared with first-quarter 2004 primarily because of the derailment and escalating fuel costs.
“Our solid first-quarter results reflect robust volumes and revenues, and … [an] improving operating ratio,” said NS Chairman and Chief Executive Officer David Goode in a prepared statement.
