Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, July 25, 1990 TAG: 9007250457
SECTION: BUSINESS PAGE: B-7 EDITION: EVENING
SOURCE: GREG EDWARDS BUSINESS WRITER
DATELINE: LENGTH: Short
NS earned $155.9 million or 95 cents per share for the quarter, compared with $173.7 million or 99 cents per share earned during the second quarter of 1989.
"Second-quarter coal revenues continued strong, posting a 7.2 percent gain," NS Chairman Arnold McKinnon said. But revenues from merchandise freight declined by 3.2 percent, with only business from chemicals shippers posting an increase, he said.
Overall transportation operating revenues for the second quarter were a record $1.18 billion, up 0.4 percent from $1.17 billion in the second quarter last year. However, total transportation operating expenses for the period were up by 1.1 percent to $951.9 million.
Net income for the first six months was $296.1 million or $1.79 per common share. That's the second highest on record behind the $307.5 million or $1.74 per share earned after taxes in the corresponding period last year.
On Tuesday, NS increased the quarterly dividend on its common stock from 36 cents to 40 cents per share, payable Sept. 10 to stockholders on Aug. 3.
Total transportation operating revenues of $2.32 billion during the first half were 1.4 percent higher than the $2.29 billion in 1989, but transportation operating expenses for the half also were up, by 1.6 percent over last year's first six months.
First-half railway revenues were $1.92 billion, up 2.1 percent.
by CNB