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Posted by Nate Clark
on November 2, 2009, 9:08 pm, in reply to "Re: Fact about GE"
72.65.224.85
NS carloadings 'up' 8%? That must be Real recently, as the third quarter was not kind to NS or any of the RRs, this year vs. last, and freight traffic already was 'not great', by this time last year. I doubt NS is bucking that trend to the tne of an 8% increase.
NS 3Q earnings slide sharply
"Norfolk Southern reported Tuesday third-quarter net income of $303 million, or 81 cents per diluted share, down almost 42% from $520 million, or $1.37 per diluted share, in the comparable third quarter of 2008. Revenue of $2.1 billion fell 29% from year-ago levels, which NS attributed primarily to a 20% falloff in traffic volume and fuel-related revenue.
"While our third-quarter results reflect the continuing weak economy, they also show Norfolk Southern's resilience and the strength of our franchise," said Norfolk Southern CEO Wick Moorman. "By controlling costs and maintaining service levels, we are managing through this economic downturn and will emerge an even stronger company."
"NS’s railway operating expenses for the quarter were $1.5 billion, a decrease of 25% over the same period of 2008. Its railway operating ratio was 72.8%, compared with 69.1% during the third quarter of 2008."
"U.S. carload traffic logs another decline
"U.S. carload traffic fell 14.8% for the week ended October 24, compared with the same week a year ago, the Association of American Railroads reported. Carloads in the West and the East both were down 14.8% compared with the same period one year ago. Total volume on U.S. railroads for the week ending October 24, 2009 was estimated at 31.1 billion ton-miles, down 13.4%. U.S. intermodal traffic fell 10.1% from a year ago.
"Combined North American rail volume for the first 42 weeks of 2009 on 13 reporting U.S., Canadian, and Mexican railroads was down 18.4% from the comparable 2008 time span, while intermodal volume fell 16.3% short of last year’s levels."
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