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Norfolk Southern Corp. April 24 reported $86 million in first-quarter income from continuing operations, rising 41 percent compared with $61 million in first-quarter 2001.
However, quarterly operating revenues of $1.49 billion dropped 2.7 percent $42 million) compared with $1.54 billion last year, and total carloads dipped 2.9 percent (47,000 carloads) primarily because of weak Eastern utility-coal demand. NS officials believe record warm temperatures and larger stockpiles were factors, significantly impacting quarterly coal revenues ($359 million), which dropped 9 percent compared with last year.
Meanwhile, NS recorded quarterly operating expenses of $1.26 billion, dropping 6 percent compared with first-quarter 2001 largely because the railroad cut fuel expenses $36 million (31 percent) by consuming eight million fewer gallons than last year.
NS also improved its quarterly operating ratio 2.5 points to 84.2 compared with 86.7 last year.