NS Set Quarterly Records in 1st Quarter

Norfolk Southern on Wednesday said that during the second quarter of 2022 it posted record railway operating revenue, income from railway operations, net income and diluted earnings per share.

First quarter operating revenue was $2.9 billion, up 10 percent compared with the first quarter of 2021. Helping to boost revenue was a 16 percent increase in revenue per unit, railroad officials said.

Railway operating expenses totaled $1.8 billion, up 13 percent, due to higher fuel, purchased services and equipment rent costs.

Income from railway operations of $1.1 billion, a first-quarter record, rose 7 percent. NS reported first quarter net income of $703 million, up from $673 million a year ago, and earnings per diluted share of $2.93 compared with $2.66.

The quarterly operating ratio was 62.8 percent compared to 61.5 percent a year ago.

“Our financial results in the first quarter were solid, despite current network challenges,” NS President Alan Shaw said in a statement.

“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.”

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