Summary
Norfolk Southern Corporation (NSC) filed an 8-K on October 20, 2004, to report its third-quarter financial results and provide a Regulation FD disclosure. The company issued a press release on October 20, 2004, detailing these results. A key aspect of the disclosure is the presentation of a non-GAAP financial measure, which excludes a non-cash gain related to the Conrail corporate reorganization from the reported third-quarter net income. Management believes this adjusted net income provides a more accurate reflection of ongoing operating performance and is useful for comparisons to prior periods and other industry players. Investors should note that this non-GAAP measure is presented alongside, and not as a substitute for, net income calculated according to U.S. Generally Accepted Accounting Principles (GAAP). The company intends to use this adjusted figure in discussions with analysts and for future performance comparisons.
Key Highlights
- 1Norfolk Southern Corporation (NSC) filed an 8-K on October 20, 2004, to disclose third-quarter results.
- 2The filing includes a press release dated October 20, 2004, detailing operational and financial outcomes for the third quarter.
- 3NSC is presenting a non-GAAP financial measure, excluding a non-cash gain from the Conrail corporate reorganization.
- 4Management believes this adjusted net income is a better indicator of operating performance for comparative analysis.
- 5The non-GAAP measure is presented in addition to, and not as a replacement for, GAAP-reported net income.
- 6The company intends to utilize this non-GAAP metric in analyst meetings and future comparisons.