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Article: Norfolk Southern Corporation earnings.
- Article from:
- PR Newswire
- Article date:
- April 27, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. 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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NORFOLK SOUTHERN CORPORATION EARNINGS
NEW YORK, April 27 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today reported net income of $118.5 million, or 64 cents per common share, for the first quarter of 1988. This compares with net income of $124.8 million, or 66 cents per common share, in the first quarter of 1987, which included an after-tax gain of $32.8 million from the sale of Piedmont stock.
"Our performance in the first quarter was very good. If the Piedmont gain is excluded, our earnings were up nearly 29 percent," said Arnold B. McKinnon. "Traffic was strong, and we are benefiting from the cost reduction achieved in last year's ...