BULLETIN: Norfolk Southern Reports 2002 Results Jan 03
- ID: 1928507
- January 2003
- Region: Norfolk Islands
- Standard & Poors
Standard & Poor's Ratings Services said today that its ratings and outlook on Norfolk Southern Corp. (BBB/Stable/A-2) remain unchanged following the railroad company's announcement of fourth-quarter and full-year 2002 results. Railway operating revenues set record highs for both the fourth quarter and the full year, despite declines in the important coal segment. Revenues totaled $6.3 billion for the year, up 2% from the 2001 level. The operating ratio (operating expenses, including depreciation, as a percentage of revenues) for full-year 2002 was 81.5%, a 2.2% improvement over the 2001 level. Standard & Poor's expects management's ongoing focus on controlling costs and improving yields to lead to further operating improvements over the near to intermediate term. This, coupled with management's continuing commitment...
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.