(The following story by the Associated Press was published in today’s online New York Times)
NORFOLK, Va. — Norfolk Southern Corp.’s earnings rose 12 percent in the fourth quarter as all of the railroad company’s lines of business except coal saw increased revenues despite a difficult economic environment.
Net income for the quarter amounted to $129 million, or 33 cents a share, compared with $115 million, or 30 cents a share, in the final quarter of 2001, the company said Wednesday.
The results beat the consensus forecast of 30 cents a share by analysts surveyed by Thomson First Call.
Revenue rose 3 percent to $1.6 billion from $1.5 billion a year earlier.
David R. Goode, president and chief executive, said the company was pleased with the increases, which he said came “in a year filled with challenges for everyone in business.”
General merchandise, the company’s largest line of business, and intermodal transportation both rose 5 percent for the quarter. Coal revenue fell 2 percent, mainly because of lower demand from utility companies.
For the year, Norfolk Southern’s profit totaled $460 million, or $1.18 a share, up 23 percent from $375 million, or 97 cents a share, in 2001. Revenue for the year amounted to $6.3 billion, up 1.6 percent from $6.2 billion in 2001.
Norfolk Southern owns a railroad system serving 22 states in the eastern United States and has interests in coal properties and telecommunications.
The company’s stock rose 39 cents to close Wednesday at $19 on the New York Stock Exchange.