NORFOLK, Va., July 28, 2021 /PRNewswire/ -- Norfolk
Southern Corporation (NYSE: NSC) today reported second-quarter 2021
financial results, which included second-quarter records for net
income and diluted earnings per share, and all-time quarterly
records for operating ratio and income from railway
operations.
Second-quarter net income was $819
million, diluted earnings per share were $3.28, and the operating ratio improved to
58.3%.
"Our team met the challenge for the second quarter head-on,
delivering another solid performance of sequential operating ratio
improvement, driving meaningful productivity into our business as
revenue and volume rebounded from last year, up 34% and 25%,
respectively," said James A.
Squires, Norfolk Southern chairman, president and CEO.
"Leveraging the strong and diverse book of business we have
developed, we will build upon our success in the creation of
long-term, sustainable value for our customers and
shareholders."
Second-quarter summary
- Railway operating revenues of $2.8
billion increased 34%, or $714
million, compared with second-quarter 2020, driven by a 25%
increase in volume and a 7% increase in revenue per unit.
- Railway operating expenses were $1.6
billion, an increase of 11%, or $157
million, compared with the same period last year.
- Income from railway operations was an all-time quarterly record
of $1.2 billion, an increase of 91%,
or $557 million, year-over-year.
- Railway operating ratio was 58.3%, an all-time
record.
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.
Forward-looking statements
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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SOURCE Norfolk Southern Corporation