Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
-0.36%
$346.39
0% positive prob.
5-Day Prediction
-2.43%
$339.18
0% positive prob.
20-Day Prediction
-4.50%
$331.99
0% positive prob.
SEC 8-K filings with transcript text
Jul 23, 2026 · 100% conf.
1D
-0.36%
$346.39
Act: +0.89%
5D
-2.43%
$339.18
Act: -3.96%
20D
-4.50%
$331.99
Act: -0.14%
2 nsc-ex99_1.htm
Exhibit 99.1
Norfolk Southern reports second quarter 2026 results
Railroad achieves record quarterly revenues
ATLANTA, July 23, 2026 – Norfolk Southern Corporation (NYSE: NSC) announced Thursday its second quarter 2026 financial results. For the quarter, revenue was $3.5 billion, income from railway operations was $1.1 billion, operating ratio was 67.6%, and diluted earnings per share were $3.26.
Adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, second quarter income from railway operations was $1.2 billion, the operating ratio was 65.5%, and diluted earnings per share were $3.52.
“Norfolk Southern delivered a strong second quarter, exceeding our expectations as demand improved across key markets,” said Mark George, President and Chief Executive Officer. “Our team adapted to a dynamic operating environment with focus and an unwavering commitment to safety. The progress we achieved reflects the dedication of our railroaders and the strength of our franchise.”
George added, “As we look to the second half of the year, our priorities remain clear: operating a safe, reliable railroad, providing high-quality, consistent service for our customers, and executing with discipline to capitalize on emerging opportunities. With encouraging demand trends, we are well positioned to create value for our customers, shareholders, and the communities we serve.”
Second Quarter Summary
• Railway operating revenues of $3.5 billion were an all-time quarterly record, up $355 million, or 11% compared to the second quarter 2025, on a volume increase of 4% year-over-year, and higher fuel surcharges representing six points of the revenue growth.
• Income from railway operations was $1.1 billion, a decrease of $51 million, or 4%, compared to second quarter 2025.
o Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, income from railway operations was $1.2 billion, an increase of $58 million, or 5%, compared to adjusted second quarter 2025.
• Operating ratio in the quarter was 67.6% compared to 62.2% in second quarter 2025.
o Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, the operating ratio for second quarter 2026 was 65.5%, 210 basis points higher than adjusted second quarter 2025. Higher fuel expense and the corresponding growth in fuel surcharge revenues translated to 110 basis points of headwind to the operating ratio on a year-over-year basis.
Norfolk Southern Corporation | 1
• Diluted earnings per share were $3.26, down $0.15, or 4%, compared to second quarter 2025.
o Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, diluted earnings per share were $3.52, up $0.23, or 7%, compared to adjusted second quarter 2025.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-look
Apr 24, 2026
2 nsc-ex99_1.htm
Exhibit 99.1
Norfolk Southern reports first quarter 2026 results
Results reflect disciplined execution on safety, service, and cost control through a dynamic first quarter
ATLANTA, April 24, 2026 – Norfolk Southern Corporation (NYSE: NSC) announced Friday its first quarter 2026 financial results. In the quarter, revenue was $3.0 billion, income from railway operations was $877 million, operating ratio was 70.7%, and diluted earnings per share were $2.43.
Adjusting the results to exclude merger-related expenses and the effects of the Eastern Ohio incident, first quarter income from railway operations was $939 million, the operating ratio was 68.7%, and diluted earnings per share were $2.65.
“In the first quarter, our team stayed focused on what we could control, operating with discipline amid volatile volumes, severe winter weather, and a rapidly shifting macroeconomic environment including the dramatic rise in fuel prices in March,” said Mark George, president and chief executive officer of Norfolk Southern. “Despite these challenges, our employees safely delivered a solid service product, managed costs effectively, and earned the continued trust of our customers. As conditions improved, we captured momentum exiting the quarter, reinforcing the strength of our operating foundation and the dedication of the entire Norfolk Southern team.”
First Quarter Summary
• Railway operating revenues of $3.0 billion, up $5 million, or flat compared to the first quarter 2025, on a volume decline of 1% year-over-year.
• Income from railway operations was $877 million, a decrease of $269 million, or 23%, compared to first quarter 2025.
o Adjusting for the effects of the Eastern Ohio incident in both years and merger-related expenses in 2026; income from railway operations was $939 million, down $22 million, or 2%, compared to adjusted first quarter 2025.
• Operating ratio in the quarter was 70.7% compared to 61.7% in first quarter 2025.
o Adjusting for the effects of the Eastern Ohio incident in both years and merger-related expenses in 2026, the operating ratio for first quarter 2026 was 68.7%, 80 basis points higher than first quarter 2025.
Norfolk Southern Corporation | 1
• Diluted earnings per share were $2.43, down $0.88, or 27%, compared to first quarter 2025.
o Adjusting for the effects of the Eastern Ohio incident in both years and merger-related expenses in 2026, diluted earnings per share were $2.65, down $0.04, or 1%, compared to first quarter 2025.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company’s ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, includi
Jan 29, 2026
2 nsc-ex99_1.htm
Exhibit 99.1
Norfolk Southern reports fourth quarter and full year 2025 results
Delivered on safety and service improvements while exceeding full year productivity target, achieving over $215 million in annual savings
ATLANTA, Jan. 29, 2026 – Norfolk Southern Corporation (NYSE: NSC) announced Thursday its fourth quarter and full year 2025 financial results. In the quarter, revenue was $3.0 billion, income from railway operations was $937 million, operating ratio was 68.5%, and diluted earnings per share were $2.87.
Adjusting the results to exclude merger-related expenses and the effects of the Eastern Ohio incident, fourth quarter income from railway operations was $1.0 billion, the operating ratio was 65.3%, and diluted earnings per share were $3.22.
“In 2025, we strengthened the foundation of our railroad. We kept our cost commitments, maintained reliable service, and delivered measurable safety gains with the company’s best injury and accident rates in more than a decade,” said Mark George, president and chief executive officer of Norfolk Southern. “In the face of a volatile and challenging macro-economic backdrop, our team focused on the controllables – delivering outsized productivity savings in excess of $215 million that accompanies our safety and service improvements. As we move through 2026, the demand environment remains unclear, but we are steadfastly focused on prioritizing the safety of our employees and communities, delivering consistent customer service, and driving further productivity gains to contain our costs in any volume environment.”
Fourth Quarter Summary
• Railway operating revenues of $3.0 billion, down $50 million, or 2%, compared to the fourth quarter 2024, on a volume decline of 4% year-over-year.
• Income from railway operations was $937 million, a decrease of $194 million, or 17%, compared to fourth quarter 2024 which included railway line sales of $53 million. Fourth quarter 2025 includes a large land sale that resulted in a net gain of $85 million.
o Adjusting for: the effects of the Eastern Ohio incident in both years; merger-related expenses in 2025; and gains on railway line sales in 2024, income from railway operations was $1.0 billion, down $31 million, or 3%, compared to adjusted fourth quarter 2024.
• Operating ratio in the quarter was 68.5% compared to 62.6% in fourth quarter 2024 which included the aforementioned railway line sales.
o Adjusting for merger-related expenses and the effects of the Eastern Ohio incident, the operating ratio for the quarter was 65.3%.
Norfolk Southern Corporation | 1
Exhibit 99.1
• Diluted earnings per share were $2.87, down $0.36, or 11%, compared to fourth quarter 2024 which included the aforementioned railway line sales.
o Adjusting for merger-related expenses and the effects of the Eastern Ohio incident, diluted earnings per share were $3.22, up $0.18, or 6%, compared to adjusted fourth quarter 2024.
Full Year Summary
• Railway operating revenues of $12.2 billion, up $57 million, compared to full year 2024.
o Fuel surcharge revenue declined $134 million compared to 2024, which represents a 1% headwind to overall revenues.
• Income from railway operations was $4.4 billion, an increase of $285 million, or 7%, compared to full year 2024.
o Adjusting for: the impact of merger-related expenses in 2025; restructuring and other charges in both years; the Eastern Ohio incident in both years; and gains on railway line sales in 2024, income from railway operations was $4.3 billion, up $122 million, or 3%, compared to adjusted 2024.
• Operating ratio in 2025 was 64.2%, an improvement of 220 basis points, compared to 66.4% in 2024.
o Adjusting for the impact of merger-related expenses, restructuring and other charges, and the Eastern Ohio incident, the operating ratio for 2025 was 65.0%. This represents 80 basis points of improvement from adjusted 2024 which was 65.8%.
• Diluted earnings per share were $12.75, an increase of 10% compared to 2024.
o Adjusting for the impact of merger-related expenses, restructuring and other charges, and the Eastern Ohio incident, diluted earnings per share were $12.49, up $0.64, or 5%, compared to adjusted 2024.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container por
Oct 23, 2025
2 d77323dex991.htm
Exhibit 99.1
Norfolk Southern reports third quarter 2025 results
Delivered safety improvements and service consistency, while driving continued productivity gains
Raising 2025 productivity target to ~$200 million from ~$175 million
ATLANTA, Oct. 23, 2025 – Norfolk Southern Corporation (NYSE: NSC) announced Thursday its third quarter 2025 financial results. For the quarter, revenue was $3.1 billion, income from railway operations was $1.1 billion, operating ratio was 64.6%, and diluted earnings per share were $3.16.
After adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, third quarter income from railway operations was $1.1 billion, the operating ratio was 63.3%, and diluted earnings per share were $3.30.
“Norfolk Southern delivered another quarter of strong results on safety, service, and productivity through a dynamic freight market,” said President and CEO Mark George. “The entire Thoroughbred team pulled together to serve our customers, achieve an all-time record in fuel efficiency, delivered on key productivity initiatives, and executed a noteworthy land sale that will ultimately deliver rail volumes for years to come. I’m proud of the way our team is performing with discipline and focus — driving results and strengthening our foundation for long term success.”
Third Quarter Summary
•
Railway operating revenues of $3.1 billion, an increase of $52 million, or 2%, compared to the third quarter 2024, on flat volumes.
•
Fuel surcharge revenue declined $30 million compared to third quarter of 2024, which represents a 1% headwind to overall revenues.
•
Income from railway operations was $1.1 billion, a decrease of $498 million, compared to third quarter 2024 which included a $380 million benefit from railway line sales.
•
Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio
incident, income from railway operations was $1.1 billion, up $21 million, or 2%, aided by $65 million incremental land sales, compared to adjusted third quarter 2024.
•
Operating ratio in the quarter was 64.6% compared to 47.7% in third quarter 2024 which included the aforementioned railway line sales.
•
Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio
incident, the operating ratio for the quarter was 63.3%. This represents 10 basis points of improvement from adjusted third quarter 2024 which was 63.4%.
Norfolk Southern Corporation | 1
•
Diluted earnings per share were $3.16, down from $4.85 in third quarter 2024 which included the aforementioned railway line sales.
•
Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio
incident, diluted earnings per share were $3.30, up $0.05, or 2%, compared to adjusted third quarter 2024.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Cautionary Statement on
These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “anticipate,” “believe,” “project,” or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many
Jul 29, 2025
2 d17753dex991.htm
Exhibit 99.1
Norfolk Southern reports second quarter 2025 results
Delivers net income and EPS growth of 4% and 5%, respectively; adjusted net income and EPS improved 7% and 8%, respectively
Expects 2%-3% growth in revenues and 100–150 bps of improvement in adjusted OR for the full year
ATLANTA, July 29, 2025 – Norfolk Southern Corporation (NYSE: NSC) announced Tuesday its second quarter 2025 financial results. For the quarter, revenue was $3.1 billion, income from railway operations was $1.2 billion, operating ratio was 62.2%, and diluted earnings per share were $3.41. Recoveries related to the Eastern Ohio incident exceeded incremental costs in the quarter.
After adjusting the results to exclude restructuring and other charges as well as the effects of the Eastern Ohio incident, second quarter income from railway operations was $1.1 billion, the operating ratio was 63.4%, and diluted earnings per share were $3.29.
“This quarter, Norfolk Southern delivered another set of strong results — growing volumes, managing costs, and delivering 8% EPS growth. While we remain clear-eyed about market uncertainty, our performance reflects the strength of our strategy and our ability to continue disciplined execution, relentless focus on safety and seamless customer service,” said President and CEO Mark George. “We’re controlling what we can control and, in fact, are ahead of schedule on our productivity targets thanks to the exceptional efforts of our Thoroughbred team.”
Second Quarter Summary
•
Railway operating revenues of $3.1 billion, an increase of $66 million compared to the second quarter 2024, on volume growth of 3%.
•
Excluding the impact of fuel surcharge revenue, which was lower compared to the prior year, railway operating revenues were $2.9 billion, up $122 million, or 4%, compared to adjusted second quarter of 2024.
•
Income from railway operations was $1.2 billion, an increase of $44 million, compared to second quarter 2024.
•
Adjusting for restructuring and other costs and the effects of the Eastern Ohio incident, income from railway operations was $1.1 billion, up $75 million, or 7%, compared to adjusted second quarter 2024.
•
Operating ratio in the quarter was 62.2% compared to 62.8% in second quarter 2024.
•
Adjusting for restructuring and other costs and the effects of the Eastern Ohio incident, the operating ratio for the quarter was 63.4%. This represents 170 basis points of improvement from adjusted second quarter 2024 which was 65.1%.
Norfolk Southern Corporation | 1
•
Diluted earnings per share were $3.41, up from $3.25 in second quarter 2024.
•
Adjusting for restructuring and other costs and the effects of the Eastern Ohio incident, diluted earnings per share were $3.29, up $0.23, or 8%, compared to adjusted second quarter 2024.
2025 Outlook and Guidance
•
Continue to expect revenue growth in 2025, but given dynamic economic environment, updating full year revenue growth expectation to 2-3% vs. 2024
•
Adjusted operating ratio improvement for 2025 now expected to be 100-150 bps better than 2024; however, third quarter 2025 is expected to be pressured due to a weaker than expected revenue environment early in the quarter
•
Raising expected productivity savings in 2025 to $175+ million as cost-control and targeted initiatives are yielding strong results
Union Pacific Transaction and Conference Call
In a separate release issued today, Norfolk Southern and Union Pacific announced an agreement to combine in a stock and cash transaction to create America’s first transcontinental railroad. Under the terms of the agreement, Norfolk Southern shareholders will receive 1.0 Union Pacific common share and $88.82 in cash for each share of Norfolk Southern common stock. The implied value of $320 per share represents an implied total enterprise value for Norfolk Southern of $85 billion based on Union Pacific’s closing stock price on July 16, 2025.
Union Pacific and Norfolk Southern will host a joint investor conference call today at 8:30 AM (ET) to discuss the announcement. A live webcast of the call and the replay will be available on the Union Pacific website at https://investor.unionpacific.com/events-presentations and the Norfolk Southern website at https://norfolksouthern.investorroom.com/events. Supporting materials will be posted on up-nstranscontinental.com. To listen to the live conference call, dial 1-800-836-8184. As a result of this announcement, Norfolk Southern will not hold a second quarter 2025 earnings call.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by ship
Apr 23, 2025
2 d937673dex991.htm
Exhibit 99.1
Norfolk Southern reports first quarter 2025 results
Delivers adjusted net income and EPS growth of 8% despite weather-related disruptions
Reiterates full-year guidance while recognizing macro-economic uncertainty
ATLANTA, April 23, 2025 – Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2025 financial results. For the quarter, revenue was $3.0 billion, income from railway operations was $1.1 billion, operating ratio was 61.7%, and diluted earnings per share were $3.31.
After adjusting the results to exclude the Eastern Ohio incident, first quarter income from railway operations was $961 million, the operating ratio was 67.9%, and diluted earnings per share were $2.69.
Insurance recoveries related to the Eastern Ohio incident exceeded incremental costs in the quarter.
“The Thoroughbred team once again demonstrated tremendous resilience in the quarter, overcoming a disruptive winter storm season to deliver an improved operating ratio, earnings growth, and a consistent service experience for our customers,” said President and CEO Mark George. “I’d like to thank our entire team of dedicated railroaders for their outstanding efforts to generate these results. Our service performance is increasing our customers’ confidence in Norfolk Southern and allowing us to gain share.”
First Quarter Summary
•
Railway operating revenues of $3.0 billion, down $11 million compared to the first quarter 2024.
•
Excluding the impact of fuel surcharge revenue, which was lower compared to the prior year, railway operating revenues were $2.8 billion, up $47 million, or 2%, compared to adjusted first quarter of 2024, on volume growth of 1%.
•
Income from railway operations was $1.1 billion, an increase of $933 million, compared to first quarter 2024.
•
Adjusting for the Eastern Ohio incident, income from railway operations was $961 million, up $57 million, or 6%, compared to adjusted first quarter 2024.
•
Operating ratio in the quarter was 61.7% compared to 92.9% in first quarter 2024.
•
Adjusting for the Eastern Ohio incident, the operating ratio for the quarter was 67.9%. This represents 200 basis points of improvement from adjusted first quarter 2024 which was 69.9%.
Norfolk Southern Corporation | 1
•
Diluted earnings per share were $3.31, up from $0.23 in first quarter 2024.
•
Adjusting for the Eastern Ohio incident, diluted earnings per share were $2.69, up $0.20, or 8%, compared to adjusted first quarter 2024.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Cautionary Statement on
Certain statements in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “anticipate,” “believe,” “project,” or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company’s ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, includi
Jan 29, 2025
2 d945030dex991.htm
Exhibit 99.1
Norfolk Southern reports fourth quarter and full year 2024 results
Met commitments for second-half and full-year 2024 operating ratio
Productivity initiatives drive results with additional opportunity in 2025
ATLANTA, Jan. 29, 2025 – Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its fourth quarter and full-year 2024 financial results. For the quarter, revenue was $3.0 billion, income from railway operations was $1.1 billion, operating ratio was 62.6%, and diluted earnings per share were $3.23. For full-year 2024, revenue was $12.1 billion, income from railway operations was $4.1 billion, operating ratio was 66.4%, and diluted earnings per share were $11.57.
After adjusting the results to exclude the impact of railway line sales, the Eastern Ohio incident, restructuring and other charges, as well as shareholder advisory costs, fourth quarter income from railway operations was $1.1 billion, the operating ratio was 64.9%, and diluted earnings per share were $3.04. Excluding the same items, as well as a deferred income tax benefit, full-year income from railway operations was $4.1 billion, operating ratio was 65.8%, and diluted earnings per share were $11.85.
For the third consecutive quarter, insurance recoveries related to the Eastern Ohio incident exceeded incremental costs.
“We closed 2024 with another quarter of solid performance, building on the success of Q3. Our network is running fast; our terminals are more efficient; and service metrics are steady. Our customers are noticing and rewarding us with more business,” said President and CEO Mark George. “I applaud all the employees of Norfolk Southern for what we are achieving together. We are seeing momentum in all areas from consistently prioritizing safety, productivity, and operational excellence. We are well-positioned to build on our success and drive long-term value for all our stakeholders.”
Norfolk Southern Corporation | 1
Fourth Quarter Summary
•
Railway operating revenues of $3.0 billion, down $49 million, or 2%, compared to the fourth quarter 2023.
o
Excluding the impact of lower fuel surcharge revenue, railway operating revenues were $2.8 billion, up $60 million, or 2%, on volume growth of 3% compared to the fourth quarter of 2023.
•
Income from railway operations was $1.1 billion, an increase of $323 million, or 40%, compared to fourth quarter 2023.
o
Adjusting for the impact of railway line sales, restructuring and other charges, and the Eastern Ohio incident, income from railway operations was $1.1 billion, up $104 million, or 11%, compared to adjusted fourth quarter 2023.
•
Operating ratio in the quarter was 62.6% compared to 73.7% in fourth quarter 2023.
o
On an adjusted basis, the operating ratio for the quarter was 64.9%. This represents 390 basis points of improvement from adjusted fourth quarter 2023 which was 68.8%.
•
Diluted earnings per share were $3.23, an increase of 39% compared to fourth quarter 2023.
o
Adjusting for the impact of railway line sales, restructuring and other charges, the Eastern Ohio incident, and shareholder advisory costs, diluted earnings per share were $3.04, up $0.21, or 7%, compared to adjusted fourth quarter 2023.
Full Year Summary
•
Railway operating revenues of $12.1 billion, down $33 million, compared to full year 2023.
o
Excluding the impact of lower fuel surcharge revenue, railway operating revenues were $11.2 billion, up $228 million, or 2%, on volume growth of 5% compared to the full year 2023.
•
Income from railway operations was $4.1 billion, an increase of $1.2 billion, or 43%, compared to full year 2023.
o
Adjusting for the impact of railway line sales, restructuring and other charges, and the Eastern Ohio incident, income from railway operations was $4.1 billion, up $179 million, or 5%, compared to adjusted 2023.
•
Operating ratio in 2024 was 66.4%, an improvement of 1,010 basis points, compared to 76.5% in 2023.
o
On an adjusted basis, the operating ratio for 2024 was 65.8%. This represents 160 basis points of improvement from adjusted 2023 which was 67.4%.
•
Diluted earnings per share were $11.57, an increase of 44% compared to 2023.
o
Adjusting for the impact of railway line sales, restructuring and other charges, the Eastern Ohio incident, shareholder advisory costs, and a deferred tax adjustment, diluted earnings per share were $11.85, up $0.11, or 1%, compared to adjusted 2023.
Norfolk Southern Corporation | 2
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carl
Oct 22, 2024
2 e24421_ex99-1.htm
Exhibit 99.1
Norfolk Southern reports strong third quarter 2024 results
Productivity initiatives drive further margin improvement
On track to meet adjusted operating ratio targets for second half and full year 2024
ATLANTA, October 22, 2024 – Norfolk Southern Corporation (NYSE: NSC) announced Tuesday its third quarter 2024 financial results. For the quarter, income from railway operations was $1.6 billion, the operating ratio was 47.7%, and diluted earnings per share were $4.85.
After adjusting the results to exclude the impact of railway line sales, the Eastern Ohio incident as well as restructuring and other charges, railway operating income was $1.1 billion, the operating ratio was 63.4%, and diluted earnings per share were $3.25.
During the quarter, the company closed two railway line sales resulting in cash proceeds of nearly $400 million and gains of $380 million. For the second consecutive quarter, insurance recoveries related to the Eastern Ohio incident exceeded incremental costs.
"The Norfolk Southern team continues to build momentum, producing strong results for our shareholders and customers, and delivering on our safety culture for our employees" said Norfolk Southern President and CEO Mark R. George. “Working together, our team drove productivity and grew volumes while demonstrating resiliency in dealing with weather challenges. Thanks to our team’s hard work, we delivered sequential and year-over-year margin improvement putting us on track to achieve our adjusted operating ratio targets for the second half and full year 2024, and we are well positioned for long-term value creation.”
Third Quarter Summary
• Railway operating revenues of $3.1 billion, up $80 million, or 3%, compared to the third quarter 2023.
• Income from railway operations was $1.6 billion, an increase of $840 million, or 111%, compared to the third quarter 2023.
° Adjusting for the impact of railway line sales, restructuring and other charges, and the Eastern Ohio incident, income from railway operations was $1.1 billion, up $198 million, or 22%, compared to adjusted third quarter 2023.
• Operating ratio in the quarter was 47.7% compared to 74.6% in third quarter 2023.
° On an adjusted basis, the operating ratio for third quarter 2024 was 63.4%. This represents 570 basis points of improvement from adjusted third quarter 2023 which was 69.1%.
• Diluted earnings per share were $4.85, an increase of 131% compared to third quarter 2023.
° Adjusted diluted earnings per share were $3.25, up $0.60, or 23%, compared to adjusted third quarter 2023.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and Norfolk Southern originates more automotive traffic than any other Class I Railroad. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports in the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any
"could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) the Company's ability to successfully implement its operational and productivity initiatives; (ii) changes in domestic or i
Jul 25, 2024
2 e24315_ex99-1.htm
Exhibit 99.1
FOR
Norfolk Southern reports second quarter 2024 results;
reaffirms full year adjusted operating ratio guidance
July 25, 2024 – Norfolk Southern Corporation (NYSE: NSC) announced Thursday its second quarter 2024 financial results. For the quarter, income from railway operations was $1.1 billion, the operating ratio was 62.8%, and diluted earnings per share were $3.25.
After adjusting the results to exclude the impact of the Eastern Ohio incident, restructuring and other charges, and shareholder advisory costs from the proxy contest, railway operating income was $1.1 billion, the operating ratio was 65.1%, and diluted earnings per share were $3.06. Notably, in the second quarter, the impact of the Eastern Ohio incident included insurance recoveries which were greater than the costs incurred in the quarter.
“The Norfolk Southern team delivered strong results, including on operating ratio and expenses, that are directly in-line with the targets we committed to our shareholders,” said Norfolk Southern President and CEO Alan H. Shaw. “During the quarter, we demonstrated that we are leveraging our service product to secure volume growth, enhancing our safety culture, and accelerating operational improvements, while eliminating service recovery costs. These results show that our strategy is working and that our momentum is building. We are committed to accomplishing even more in the second half of 2024, and we reaffirm our guidance of a full year adjusted operating ratio of approximately 66%.”
Second Quarter Summary
·Railway operating revenues of $3.0 billion, up $64 million, or 2%, compared to the second quarter of 2023.
·Income from railway operations was $1.1 billion, an increase of $555 million, or 96%, compared to second quarter of 2023.
oAdjusting for the Eastern Ohio incident and restructuring and other costs, income from railway operations was $1.1 billion, up $71 million, or 7%, compared to second quarter 2023.
·Operating ratio in the quarter was 62.8% compared to 80.7% in second quarter 2023.
oOn an adjusted basis, the operating ratio for second quarter 2024 was 65.1%. This represents 160 basis points of improvement from second quarter 2023 which was 66.7%.
·Diluted earnings per share were $3.25, an increase of 108% compared to second quarter 2023.
oAdjusting for the Eastern Ohio incident, restructuring and other costs, diluted earnings per share were $3.06, up $0.11, or 4%, compared to second quarter 2023.
###
Norfolk Southern Corporation | 1
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and Norfolk Southern originates more automotive traffic than any other Class I Railroad. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports in the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Investor Relations
Non-GAAP Financial Measures
Information included within this press release contains non-GAAP financial measures, including adjusted income from railway operations, adjusted operating ratio, and adjusted diluted earnings per share. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP).
Our second quarter 2024 non-GAAP financial results exclude the effects of certain expenses related to the Eastern Ohio incident, restructuring and other charges, and shareholder advisory costs. The following table adjusts our second quarter 2024 GAAP financial results to exclude the effects of those items. The income tax effects of the non-GAAP adjustments were calculated based on the applicable tax rates to which the non-GAAP adjustments related. We use these non-GAAP financial measures internally and believe this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding these costs. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accord
Apr 24, 2024
Apr 9, 2024
2 d783293dex991.htm
Exhibit 99.1
Norfolk Southern reports preliminary first quarter 2024 results
Reaffirms full-year 2024 adjusted operating ratio guidance improvement,
including 400+ basis points improvement in the second half
Provides progress update on actions to close margin gap with peers
Results include $600M agreement in principle related to
East Palestine derailment class action litigation
ATLANTA, April 9, 2024 – Norfolk Southern Corporation (NYSE: NSC) announced Tuesday preliminary first quarter 2024 financial results.
Preliminary first quarter 2024 results
GAAP Results
Adjusted Results
Railway operating revenues
$ 3,004 million
$ 3,004 million
Railway operating expenses
$ 2,791 million
$ 2,100 million
Income from railway operations
$ 213 million
$ 904 million
Operating ratio
92.9 %
69.9 %
Diluted earnings per share
$ 0.23
$ 2.49
“In the first quarter, we delivered an adjusted operating ratio in line with our guidance, which called for a seasonal increase of 100-200 basis points sequentially from the fourth quarter,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “We achieved this result despite macroeconomic challenges and the continued impact of our revenue mix being weighted towards lower-rated traffic, including international intermodal, which continues to be a significant driver of volume growth. We are encouraged that non-GAAP margin improved each month throughout the quarter. Looking ahead, we have strong momentum in our effort to achieve a full year 100-150 basis points improvement, including 400+ basis points of year-over-year improvement in the second half of the year.”
“Norfolk Southern is becoming a more productive and efficient railroad. There is still work to be done to achieve industry-competitive margins and our target of a sub-60% adjusted operating ratio in 3-4 years and we are taking all the right steps to deliver on our promise,” Shaw continued. “Our recently appointed Chief Operating Officer, John Orr, is executing precision scheduled railroading principles and accelerating our operational improvements, which are already yielding positive results. We are moving with urgency, and we are confident in our ability to achieve our near- and long-term operating and financial targets.”
Norfolk Southern’s first quarter results include the impact of a $600 million agreement in principle to resolve a consolidated class action lawsuit relating to the East Palestine derailment. Additionally, preliminary GAAP results include charges associated with the company’s involuntary and voluntary separation programs that will eliminate management positions, as well as costs associated with the recruitment of a new chief operating officer, expenses associated with shareholder matters, and a deferred tax adjustment. Collectively, these increased the company’s railway operating expenses by $691 million, increased its operating ratio by 2,300 basis points, and reduced earnings per share by $2.26.
Despite 4% volume growth, revenues were down 4% due to RPU headwinds primarily from lower fuel surcharge and the continuation of adverse mix along the patterns we experienced in Q4 2023. Additionally, lower Intermodal storage fees, persistent pressure in Domestic Intermodal RPU from over-capacity in the domestic truck market, and lower seaborne coal prices were headwinds to RPU in the quarter. While there were also adverse mix impacts within Merchandise, our laser focus on strong core pricing, supported by considerably improved service, helped deliver all-time quarterly records for revenue less fuel and revenue per unit less fuel in our Merchandise markets.
The unaudited results in this press release are preliminary and subject to the completion of accounting and interim review procedures and are therefore subject to adjustment. Norfolk Southern will announce its full first quarter 2024 financial results during a live conference call and internet webcast at 8:45 a.m. ET on Wednesday, April 24, 2024. Quarterly earnings results will be released in advance of the call and a press release will be posted on the Investors page of the company’s website.
Accelerating Operational Performance
On April 4, the company announced additional initiatives to accelerate strategic and operational progress. These actions include changing the reporting structure in Operations to instill additional rigor, establishing near-term operational initiatives, classifying two hump yards as “High Performance Terminals” where the Company anticipates achieving 33% improvement in dwell time over the next 60 days, and executing a lane rationalization program.
Together, these changes are helping to increase the speed of the Merchandise network and open the door for broader network fluidity and efficiency. In just over two weeks tangible results have already been realized, including:
•
Improved Terminal Dwell by 8%;
•
Increased Merchand
Jan 26, 2024
2 e24025_ex99-1.htm
Exhibit 99.1
Norfolk Southern reports fourth quarter and full-year
2023 results
ATLANTA, January 26, 2024 – Norfolk Southern Corporation (NYSE: NSC) announced Friday its fourth quarter and full-year 2023 financial results. For the quarter, income from railway operations was $808 million and diluted earnings per share were $2.32. These fourth quarter results include a $150 million charge associated with the incident in Eastern Ohio inclusive of $76 million in insurance recoveries.
Adjusting for the effects of the incident charge, fourth quarter results included income from railway operations of $958 million and diluted earnings per share of $2.83.
Norfolk Southern President and Chief Executive Officer Alan H. Shaw said, “The fourth quarter marked the end of a challenging, yet transformational year for Norfolk Southern. I’m proud that the team responded with unwavering dedication while continuing to advance our strategy that strikes the necessary balance between service, productivity and growth. We invested in our people, enhanced our service performance and made a safe railroad even safer. Norfolk Southern enters 2024 with positive momentum and a focus on driving further productivity gains and operational discipline through aggressive cost management. We see growth on the horizon, and we are confident in our ability to deliver industry-competitive margins over time.”
Fourth Quarter Summary
·Railway operating revenues of $3.1 billion, down $164 million, or 5%, compared to fourth quarter 2022.
·Income from railway operations was $808 million inclusive of a $150 million charge associated with the Eastern Ohio Incident, a 32% decline compared to $1.2 billion in the fourth quarter of 2022.
oAdjusting for the Eastern Ohio Incident, income from railway operations was $958 million, down $223 million, or 19%, compared to fourth quarter 2022.
·Diluted earnings per share were $2.32, a decline of 32% compared to fourth quarter 2022.
oAdjusting for the Eastern Ohio Incident, diluted earnings per share were $2.83, down $0.59, or 17%, compared to fourth quarter 2022.
Norfolk Southern Corporation | 1
2023 Summary
·Railway operating revenues were $12.2 billion in 2023, down 5%, or $589 million, compared with 2022.
·Railway operating expenses were $9.3 billion inclusive of a $1.1 billion charge associated with the Eastern Ohio Incident, an increase of 17% compared to 2022.
oAdjusting for the Eastern Ohio Incident, railway operating expenses were $8.2 billion, up 3% compared to 2022, driven by higher compensation and benefits, inflation, and ongoing network congestion.
·Income from railway operations was $2.9 billion inclusive of the $1.1 billion charge associated with the Eastern Ohio Incident, down 41% year-over-year.
oAdjusting for the Eastern Ohio Incident, income from railway operations was $4.0 billion, down 18% compared to the prior year.
·Diluted earnings per share were $8.02 inclusive of the $1.1 billion charge associated with the Eastern Ohio Incident, down 42% compared with 2022.
oAdjusting for the Eastern Ohio Incident, diluted earnings per share were $11.74, down 15%.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and Norfolk Southern originates more automotive traffic than any other Class I Railroad. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports in the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Luke Nichols, 470-867-4807
Norfolk Southern Corporation | 2
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “
Oct 25, 2023
2 e23426_ex99-1.htm
Exhibit 99.1
Norfolk Southern reports third quarter 2023 results
October 25, 2023 – Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its third quarter 2023 financial results. For the quarter, income from railway operations was $756 million and diluted earnings per share were $2.10. These results include a $163 million charge associated with the incident in Eastern Ohio which includes an initial insurance recovery of $25 million.
Adjusting for the effects of the incident charge, third quarter results included income from railway operations of $919 million and diluted earnings per share of $2.65 – declines of 28% and 35%, respectively, compared to the third quarter of 2022.
“In the third quarter, we continued to invest in our people and our assets to lay the foundation for our innovative strategy,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “Part of charting a better way forward for Norfolk Southern is building solid operational disciplines that move us toward consistency, all to enable productivity enhancements and growth in the quarters ahead. We are building the safe, reliable, and resilient railroad our customers and shareholders expect, and we have an incredibly bright future.”
Third Quarter Summary
·Railway operating revenues of $3.0 billion, down $372 million, or 11%, compared to third quarter 2022.
·Income from railway operations was $756 million inclusive of a $163 million charge associated with the Eastern Ohio Incident, a 41% decline compared to $1.3 billion in the third quarter of 2022.
oAdjusting for the Eastern Ohio Incident, income from railway operations was $919 million, down $353 million, or 28%, compared to third quarter 2022.
·Diluted earnings per share were $2.10, a decline of 49% compared to third quarter 2022.
oAdjusting for the Eastern Ohio Incident, diluted earnings per share were $2.65, down $1.45, or 35%, compared to third quarter 2022.
###
Norfolk Southern Corporation | 1
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Luke Nichols, 470-867-4807
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “project,” “consider,” “predict,” “potential,” “feel,” or other comparable terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates, beliefs, and projections. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These and other important factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the SEC), as supplemented in Part II, Item 1A of our Form 10-Q to be filed with the SEC on the same date as this press release, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward- looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, we disc
Jul 27, 2023
3 e23326_ex99-1.htm
Exhibit 99.1
Norfolk Southern reports second quarter 2023 results
July 27, 2023 – Norfolk Southern Corporation (NYSE: NSC) announced Thursday its second quarter 2023 financial results. For the quarter, income from railway operations was $576 million, and diluted earnings per share were $1.56.
These results include a $416 million charge associated with the ongoing response to the incident in Eastern Ohio. Similar to the first quarter, the results do not reflect any amounts potentially recoverable under the company’s insurance policies, or from other third parties, which would be reflected in future periods.
Adjusting for the effects of the Eastern Ohio incident charge, second quarter results included adjusted income from railway operations of $992 million and adjusted diluted earnings per share of $2.95 – declines of 22% and 14%, respectively, compared to second quarter 2022.
“During the quarter, we delivered on our commitments to improve service, invest in safety and resiliency, and enhance the quality of life for our craft railroaders. Each of these are foundational to our strategy and position Norfolk Southern well for the future,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “We are committed to our long-term strategy and are positioning our franchise to take on volume growth and deliver for our customers.”
Second Quarter Summary
·Railway operating revenues of $3.0 billion, down 8%, or $270 million, compared to second quarter 2022.
·Income from railway operations in the second quarter 2023 was $576 million including a $416 million charge associated with the Eastern Ohio Incident, a 55% decline compared to $1.3 billion in the second quarter of 2022.
oAdjusting for the Eastern Ohio Incident, income from railway operations was $992 million, down $279 million or 22% compared to second quarter 2022.
·Diluted earnings per share were $1.56 in the second quarter 2023, a decline of 55% compared to second quarter 2022.
oAdjusting for the Eastern Ohio Incident, diluted earnings per share were $2.95, down 14%, or $0.50 compared to the second quarter 2022.
###
Norfolk Southern Corporation | 1
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations
Investor Inquiries:
Luke Nichols, 470-867-4807
Forward-looking
statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “project,” “consider,” “predict,” “potential,” “feel,” or other comparable terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates, beliefs, and projections. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These and other important factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the SEC), as supplemented in Part II, Item 1A of our Form 10-Q to be filed with the SEC on the same date as this press release, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward- looking statemen
Apr 26, 2023
2 e23230_ex99-1.htm
Exhibit 99.1
FOR
Norfolk Southern reports first quarter 2023 results
ATLANTA, April 26, 2023 – Norfolk Southern Corporation (NYSE: NSC) announced Wednesday its first quarter 2023 financial results. For the quarter, income from railway operations was $711 million, and diluted earnings per share were $2.04 – down by 34% and 30%, respectively, compared to the first quarter 2022. These results include an initial $387 million charge associated with the incident in Eastern Ohio and do not reflect any amounts potentially recoverable under the company’s insurance policies, which would be reflected in future periods in which recovery is considered probable.
Adjusting for the effects of the incident charge, first quarter results included adjusted income from railway operations of $1.1 billion and adjusted diluted earnings per share of $3.32 – improvements of 1% and 13%, respectively, compared to first quarter 2022.
“From the beginning, we have been guided by one principle: We are going to do whatever it takes to make it right for East Palestine and the surrounding areas,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “We are making progress every day and I’m proud of our people. Our response reflects our strategy of focusing on long-term priorities and value.”
First Quarter Summary
·Railway operating revenues of $3.1 billion, up 7%, or $217 million, compared to first quarter 2022.
·Income from railway operations in the first quarter 2023 was $711 million including a $387 million charge associated with the Eastern Ohio Incident, a 34% decline compared to $1.1 billion in the first quarter of 2022.
○ Adjusting for the Eastern Ohio Incident, income from railway operations was $1.1 billion, up $13 million or 1% compared to first quarter 2022.
·Diluted earnings per share were $2.04 in the first quarter 2023, a decline of 30% compared to first quarter 2022.
○ Adjusting for the Eastern Ohio Incident, diluted earnings per share were $3.32, up 13%, or $0.39 compared to the first quarter 2022.
###
Norfolk Southern Corporation | 1
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Luke Nichols, 470-867-4807
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “project,” “consider,” “predict,” “potential,” “feel,” or other comparable terminology. We have based these forward- looking statements on our current expectations, assumptions, estimates, beliefs, and projections. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These and other important factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the SEC), as supplemented in Part II, Item 1A of our Form 10-Q to be filed with the SEC on the same date as this press release, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward- looking statements. The forward-looking statements herein are made only as of the date they were first is
Jan 25, 2023
2 e23027_ex99-1.htm
FOR
Norfolk Southern reports Q4 and full-year 2022 results
Company reports record railway operating revenue, income from railway operations
January 25, 2023 – Norfolk Southern Corporation (NYSE: NSC) today announced fourth quarter and full-year 2022 financial results. The company marked fourth quarter and annual records for railway operating revenue and income from railway operations.
Fourth quarter railway operating revenue was $3.2 billion, up 13%, and income from railway operations was $1.2 billion, up 5%.
“In the fourth quarter and throughout 2022, Norfolk Southern made significant progress in our financial performance, service improvement, and engagement with our craft team members,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “Our team delivered double-digit percentage growth in revenue as well as earnings per share and achieved record revenue and operating income for the year. We also outlined a bold new strategic plan to create long-term shareholder value and a pathway for future growth for Norfolk Southern.”
Fourth Quarter Summary
·Railway operating revenues of $3.2 billion were a fourth quarter record, up 13%, or $385 million, compared with fourth quarter 2021, driven by a 15% increase in revenue per unit.
·Railway operating expenses were $2.1 billion, an increase of 19% compared with the same period last year due to higher fuel prices, increased claims costs, and higher compensation and benefits.
·Income from railway operations was a fourth quarter record of $1.2 billion, up 5%, or $52 million, year-over-year.
·Diluted earnings per share were $3.42, up 10%, or $0.30 compared with fourth quarter 2021.
Norfolk Southern Corporation | 1
2022 Summary
·Railway operating revenues were a record $12.7 billion in 2022, up 14%, or $1.6 billion, compared with 2021, driven by an 18% increase revenue per unit.
·Railway operating expenses were $7.9 billion, an increase of 19% compared with the same period last year, driven by higher fuel prices, inflation, network congestion, and higher compensation and benefits.
·Income from railway operations was $4.8 billion, up 8%, or $362 million, year-over-year, an annual record.
·Diluted earnings per share were $13.88, up 15%, or $1.77 compared with 2021.
###
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Luke Nichols, 470-867-4807
Norfolk Southern Corporation | 2
Oct 26, 2022
2 e22464_ex99-1.htm
Exhibit 99.1
Norfolk Southern reports third quarter 2022 financial results
Posts quarterly financial records, improved service for customers
October 26, 2022– Norfolk Southern Corporation (NYSE: NSC) today announced third quarter 2022 financial results which included records for railway operating revenues, income from railway operations, net income, and diluted earnings per share.
Third quarter railway operating revenue was $3.3 billion, income from railway operations was $1.3 billion, net income was $958 million, and diluted earnings per share was $4.10.
“In the third quarter, the Norfolk Southern team achieved record financial results and improved service levels for our customers through our robust hiring initiatives and the launch and execution of our new operating plan – TOP|SPG,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “Our entire team is aligned to building on this operational momentum, while ensuring customers remain at the center of our approach, all to deliver value to our shareholders.”
Third Quarter Summary
· Railway operating revenues of $3.3 billion were an all-time quarterly record, up 17%, or $491 million, compared with third quarter 2021, driven by a 20% increase in revenue per unit due to higher fuel surcharges and pricing.
· Railway operating expenses were $2.1 billion, an increase of 21%, or $355 million, compared with the same period last year due to higher fuel prices, increased labor costs, and other elevated expenses resulting from inflation and slower network velocity.
o Incremental labor costs of $117 million associated with the terms of the tentative labor agreements were recorded in the quarter, including $88 million in costs pertaining to prior periods.
· Income from railway operations was a record of $1.3 billion, up 12%, or $136 million, and the railway operating ratio was 62.0%, up 180 basis points, year-over-year.
o Income from railway operations and the operating ratio were adversely impacted by $88 million and 270 basis points, respectively, compared to the same period prior year due to the wage accruals for prior periods.
· Diluted earnings per share were $4.10, up 34%, or $1.04, compared to the same period last year.
o Diluted earnings per share included a $0.28 impact from the wage accruals pertaining to a prior period and a $0.58 benefit from a state tax law change.
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About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Luke Nichols, 470-867-4807
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Jul 27, 2022
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Exhibit 99.1
Norfolk Southern reports second quarter 2022 results
ATLANTA, July 27, 2022– Norfolk Southern Corporation (NYSE: NSC) today announced second quarter 2022 financial results which included quarterly records for railway operating revenues, income from railway operations, and diluted earnings per share.
Second quarter railway operating revenue was $3.3 billion, income from railway operations was $1.3 billion, net income was $819 million, and diluted earnings per share was $3.45.
“The Norfolk Southern team was able to deliver solid financial performance in the second quarter, despite network fluidity challenges,” said Norfolk Southern President and Chief Executive Officer Alan H. Shaw. “We remain steadfast in our commitment to service recovery. In the quarter, we made considerable progress on staffing, and launched our TOP|SPG operating model, both of which are foundational to achieving our targeted service levels and long-term growth strategy. Already we are seeing visible upticks in qualified employees and train speeds as a result of these initiatives, and we expect to see further progress on service recovery in the months ahead.”
Second Quarter Summary
·Railway operating revenues of $3.3 billion were an all-time quarterly record, up 16%, or $451 million, compared with second quarter 2021, driven by a 20% increase in revenue per unit.
·Railway operating expenses were $2.0 billion, an increase of 21%, or $347 million, compared with the same period last year due to higher fuel prices, lower property sales, and increased costs from inflation and service challenges.
·Income from railway operations was a record of $1.3 billion, an increase of 9%, or $104 million, year-over-year.
·The railway operating ratio was 60.9%.
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About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies, moving the goods and materials that drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable, and sustainable shipping solutions. The company’s service area includes 22 states and the District of Columbia, every major container port in the eastern United States, and a majority of the U.S. population and manufacturing base.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Luke Nichols, 470-867-4807
Apr 27, 2022
2 e22280_ex99-1.htm
Exhibit 99.1
Norfolk Southern reports first-quarter 2022 results
ATLANTA, April 27, 2022 – Norfolk Southern Corporation (NYSE: NSC) today reported first-quarter 2022 financial results which included first-quarter records for railway operating revenues, income from railway operations, net income, and diluted earnings per share.
First-quarter railway operating revenue
was $2.9 billion, income from railway operations was $1.1 billion, net income was $703 million, and diluted earnings per share was $2.93.
Norfolk Southern reported double-digit revenue and EPS growth in the
quarter. “Our financial results in the first quarter were solid, despite current network challenges.” said Alan H. Shaw, Norfolk Southern President. “I am confident that our efforts to improve our service through accelerated hiring and refinements to our operating plan will provide a platform for long-term growth and efficiency for both our customers and shareholders.”
First-Quarter
Summary
• Railway operating revenues of $2.9 billion were a first-quarter record, up 10%, or $276 million, compared with first-quarter 2021, driven by a 16% increase in revenue per unit.
• Railway operating expenses were $1.8 billion, an increase of 13%, or $206 million, compared with the same period last year due to higher fuel, purchased services, and equipment rents expenses.
• Income from railway operations was a first-quarter record of $1.1 billion, an increase of 7%, or $70 million, year-over-year.
• The railway operating ratio was 62.8%.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies, moving the goods and materials that drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable, and sustainable shipping solutions. The company’s service area includes 22 states and the District of Columbia, every major container port in the eastern United States, and a majority of the U.S. population and manufacturing base.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Meghan Achimasi, 470-867-4807
This news release contains forward-looking statements that may be identified
by the use of words like “believe,” “expect,” “anticipate,” “estimate,” “plan,” “consider,” “project,” and similar references to the future. Forward-looking statements reflect our good-faith evaluation of information currently available. These forward-looking statements are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or revise forward-looking statements.
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Jan 26, 2022
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Norfolk Southern Corporation, 650 W. Peachtree Street NW, Atlanta, Ga. 30308
Norfolk Southern reports fourth-quarter and full-year 2021 results
Railroad achieves record low fourth-quarter and full-year operating ratios
ATLANTA, January 26, 2022 – Norfolk Southern Corporation (NYSE: NSC) today reported fourth-quarter and full-year 2021 financial results which included fourth-quarter and full-year records for income from railway operations and operating ratio.
Fourth-quarter net income was $760
million, diluted earnings per share were $3.12, and the operating ratio improved to 60.4%. Full-year net income was $3.0 billion, diluted earnings per share were $12.11 and the operating ratio improved to 60.1%.
“The fourth quarter marks the successful completion of the ambitious three-year strategic plan we launched in 2019,” said James A. Squires, Norfolk Southern chairman and CEO. “We achieved significant additional improvement in productivity while overcoming the headwinds associated with the pandemic and global supply chain disruptions. Our team continues to deliver long-term value to our shareholders and customers, and we are in an excellent position to build on these results moving forward.”
Fourth-quarter
summary
·Railway operating revenues of $2.85 billion increased 11%, or $279 million, compared with fourth-quarter 2020, driven by a 15% increase in revenue per unit.
·Railway operating expenses were $1.7 billion, an increase of 8%, or $134 million, compared with the same period last year due to higher fuel and purchased services expenses.
·Income from railway operations was a fourth-quarter record of $1.1 billion, an increase of 15%, or $145 million, year-over-year.
·The railway operating ratio was 60.4%, a fourth-quarter record.
2021 summary
·Railway operating revenues of $11.1 billion improved 14%, or $1.35 billion, reflecting an 8% increase in revenue per unit and 5% higher volume versus a year ago. Volume increased in all major commodity groups.
·Railway operating expenses were $6.7 billion, a decrease of 1%, or $92 million, compared with last year.
oLast year’s results included a $385 million non-cash locomotive rationalization charge and a $99 million non-cash impairment charge related to an equity-method investment. Excluding those charges, operating expenses were up 6%, or $392 million, compared with adjusted operating expenses in 2020, driven by higher fuel, purchased services and compensation and benefit expenses.
·Income from railway operations was a record $4.45 billion, up 48% or $1.45 billion.
oExcluding the effects of the locomotive rationalization and impairment charges in 2020, income from railway operations was up 28%, or $961 million, on a year-over-year adjusted basis.
·Railway operating ratio was 60.1%, an all-time record and an improvement of 920 basis points over 2020.
oExcluding the effects of the locomotive rationalization and impairment charges in 2020, the operating ratio improved 430 basis points over the adjusted results for 2020.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies, moving the goods and materials that drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable, and cost-effective shipping solutions. The company’s service area includes 22 states and the District of Columbia, every major container port in the eastern United States, and a majority of the U.S. population and manufacturing base.
Media Inquiries:
Media Relations, 404-420-4444
Investor Inquiries:
Meghan Achimasi, 470-867-4807
Non-GAAP Financial Measures
This news release includes certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures is provided in the table below, entitled “Reconciliation of Non-GAAP Financial Measures.”
This news release contains forward-looking
statements that may be identified by the use of words like “believe,” “expect,” “anticipate,” “estimate,” “plan,” “consider,” “project,” and similar references to the future.
are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or re
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