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Article: Conrail Acquisition Slows Earnings for Norfolk Southern Railroad.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 28, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Jan. 28 -- Norfolk Southern Corp. on Wednesday reported a 29 percent decline in profits for the fourth quarter as it continues to take over part of Conrail Inc.
The railroad made $160 million, or 42 cents a share, down from $224 million, or 59 cents a share, from the fourth quarter of 1997.
Excluding Conrail expenses, fourth-quarter profits would have been $194 million, or 51 cents per share. For the year, net income would have been a record $890 million, or $2.34 per diluted share.
For the year, NS earnings rose from $721 million, or $1.90 a share, in 1997 to $734 million, or $1.93 a share, in 1998.