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BULLETIN: Norfolk Southern Reports Second-Quarter Results Jul 02
Standard & Poors, July 2002
Abstract
Norfolk Southern Corp. (BBB/Stable/A-2) today reported second-quarter 2002 net income of $119 million, an 11% increase over the $107 million generated in the second quarter of 2001. Railroad revenues were $1.6 billion, relatively unchanged from the second-quarter 2001 level. Standard & Poor's Ratings Services said the announcement had no impact on its ratings or outlook on the railroad. Although revenues in the important coal segment were below year-earlier levels, strength in the intermodal and merchandise segments helped offset the coal decline. During the quarter, Norfolk Southern reported declines in most major expense categories, which helped the company improve its operating ratio (operating expenses, including depreciation, as a percentage of revenues) to 79.8%, the best level since the Conrail integration in...
Companies mentioned in this report are: Norfolk Southern Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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