Norfolk Southern Reports Q3 Earnings: The Details

Norfolk Southern Corp NSC reported third-quarter financial results before the market open on Tuesday. Here’s a rundown of the report.

Q3 Earnings: Norfolk Southern reported third-quarter adjusted earnings of $3.25 per share, beating analyst estimates of $3.11 per share, according to estimates from Benzinga Pro.

The company reported railway operating revenues of $3.1 billion, up 3% on a year-over-year basis. Income from railway operations was up 11% year-over-year. Operating ratio was 47.7% in the quarter and 63.4% on an adjusted basis.

“Working together, our team drove productivity and grew volumes while demonstrating resiliency in dealing with weather challenges,” said Mark George, president and CEO of Norfolk Southern.

“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.”

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Norfolk Southern said it closed two railway line sales during the quarter resulting in cash proceeds of nearly $400 million and gains of $380 million.  The company also noted that insurance recoveries related to the Eastern Ohio incident exceeded incremental costs for the second consecutive quarter.

Management will hold a conference call to further discuss its quarterly results at 8:45 a.m. ET.

NSC Price Action: Norfolk Southern shares were up 2.96% at $255.50 at the time of publication Tuesday, according to Benzinga Pro.

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