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Rail News Home Norfolk Southern Railway 10/27/2021 Rail News: Norfolk Southern Railway
Norfolk Southern Corp. today reported third-quarter 2021 financial results, which included Q3 records for net income, diluted earnings per share, income from railway operations and operating ratio.Third-quarter net income was $753 million, diluted earnings per share was $3.06, income from railway operations was $1.1 billion and the operating ratio was 60.2%.Railway operating revenue increased 14% to $2.85 billion compared with Q3 2020.Railway operating expenses during the quarter rose 3% to $1.7 billion. Last year’s results included a $99 million impairment charge related to an equity method investment. Excluding the impairment charge, operating expenses were up 10% compared with adjusted operating expenses in Q3 2020, driven by higher fuel, purchased services and compensation and benefits expenses.The $1.1 billion in railway operations income was a 35% increase on a year-over-year basis. Excluding the effect of the impairment charge in Q3 2020, income from railway operations was up 21%.The operating ratio of 60.2% was an improvement of 630 basis points over Q3 2020. Excluding the effect of last year’s impairment charge, the operating ratio improved 230 basis points over the adjusted results for Q3 2020."Our team delivered a strong financial performance in the quarter, producing a number of third-quarter records," said NS Chairman, President and CEO James Squires in a press release. "The actions taken by our employees show our commitment to find sustainable solutions for our customers and shareholders in the face of significant supply chain disruptions."