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BULLETIN: Norfolk Southern Corp. Reports Q2 Results Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 23, 2003--Norfolk Southern Corp. (BBB/Stable/A-2) today reported record quarterly railway operating revenues of $1.63 billion for the second quarter of 2003, but a decline in railway operating income. Standard & Poor's Ratings Services said that the announcement does not affect its ratings or outlook on the company. The 3% year-over-year increase in revenues in the quarter was more than offset by a 5% year-over-year increase in railway operating expenses, with higher compensation and benefits accounting for more than half of the increase. The operating ratio (operating expenses, including depreciation, as a percentage of revenues) was 81.8% for the quarter, somewhat worse than 79.8% in the second quarter of 2002. Management stated that it has...
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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