Norfolk Southern revenues decline with recession
- July 29, 2009
Norfolk Southern’s revenues dropped by a third during its second quarter as railway volumes fell.
The company reported revenues of $1.9 billion for the second quarter, down 32 percent from the year before. Revenues from transporting general merchandise and coal were down about a third from the previous quarter, as were revenues from intermodal facilities.
“Second-quarter results obviously reflect the impact of the recession,” Norfolk Southern’s CEO Wick Moorman said in a statement. “However, the measures we are taking to control expenses while maintaining our industry-leading service levels have enabled us to post solid second-quarter results, while at the same time we continue to invest in projects that position us for the eventual economic recovery.”
The company reported a net income of $247 million, compared with $453 million during the last year.