The last of the major U.S. railroads to report second-quarter earnings agrees with the others: It appears the worst of the recession is over.
But it warned of an "unstable and uncertain" finish to 2009.
Norfolk Southern Corp. Executive Vice President Donald W. Seale said Wednesday in a conference call with analysts "it does appear we have experienced a bottom in the economy."
He echoed similar comments from rival CSX Corp. earlier this month, as well as larger Western railroads Union Pacific Corp. and Burlington Northern Santa Fe Corp.
But executives of the Norfolk, Va.-based railroad say they still expect shipping demand to slip through the end of the year compared with the same period in 2008.
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