Norfolk Southern Tuesday reported third-quarter 2008 net income of $520 million, or $1.37 per diluted share, up from $386 million, or $0.97 per diluted share, for the same period of 2007. The company's operating ratio for the quarter improved by 2 percentage points to a record 69.1%, compared with 71.1% in the third quarter of 2007. Third-quarter sales were $2.9 billion, up 23% compared with the same period a year earlier. NS assigned continued weakness in the automotive and housing-related industries for a 1% decline in volume, though coal revenue remained strong.
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