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
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