(Source: Norfolk Southern press release, July 28, 2021)
NORFOLK, Va. — Norfolk Southern Corporation 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.