Conrail Reports Fall
In 1st Quarter IncomeConrail reported first quarter income of $48 million, or 69 cents a share, on revenue of $831 million, compared with 1987 first quarter income of $86 million, or $1.28 a share, on revenue of $788 million.
Conrail's 1988 traffic rose 9.4 percent, led by metals and related products, (up 56.7 percent); coal, (up 10.3 percent); chemicals, (up 8.8 percent) and intermodal (up 5.6 percent).
KCSI Showed Jump
In 1st Quarter Income
KANSAS CITY - Kansas City Southern Industries Inc. reported income of $1.6 million, or 16 cents a share, on revenue of $122.8 million for the 1988 first quarter.
This compares with income of $713,000, or seven cents a share, on revenue of $119.1 million the company reported in the same quarter a year earlier.
KCSI said the 1988 results included a $5.3 million, or 52 cents a share, pretax charge. The charge was for the purchase of 694,000 shares of KCSI stock to fend off a takeover attempt led by the Kaskel Group of New York.
KCSI, parent of Kansas City Southern Railway Co., reported transportation income was $15.1 million, on revenue of $76.1 million in the 1988 period. This compares with transportation income of $15.8 million, on revenue of $7.6 million, the company reported in 1987.
UP Income Rose 13 percent
In 1988 First Quarter
NEW YORK - Union Pacific Corp. reported that its income rose 13 percent to $137.8 million, or $1.21 a share, on revenue of $1.5 billion in the 1988 first quarter. In the 1987 first quarter, UP earned $121.9 million, or $1.07 a share, on revenue of $1.4 billion.
Union Pacific Railroad earned $120 million on revenue of $1.53 billion in the 1988 quarter, up from income of $110 million on revenue of $949 million reported in the 1987 first quarter.
Overnite Transportation earned $11 million on revenue of $146 million before amortization of goodwill.
First Quarter Net Rises
At General Dynamics
ST. LOUIS - General Dynamics Corp. reported first quarter net income of $105.7 million, or $2.52 a share, on revenue of $2.4 billion.
This is up slightly from $105.4 million, or $2.45 a share, on revenue of $2.3 billion the company reported in the same period a year earlier.
CHICAGO - Midway Airlines Inc. reported a first quarter loss of $5.3 million, or 52 a share, on revenue of $89.5 million.
This compares with income of $1.1 million, or 11 cents a share, on revenue of $70.5 million the commuter carrier reported in the 1987 quarter.