(Source: Norfolk Southern press release, October 22, 2024)
Norfolk Southern Corporation announced Tuesday its third quarter 2024 financial results. For the quarter, income from railway operations was $1.6 billion, the operating ratio was 47.7%, and diluted earnings per share were $4.85.
After adjusting the results to exclude the impact of railway line sales, the Eastern Ohio incident as well as restructuring and other charges, railway operating income was $1.1 billion, the operating ratio was 63.4%, and diluted earnings per share were $3.25.
During the quarter, the company closed two railway line sales resulting in cash proceeds of nearly $400 millionand gains of $380 million. For the second consecutive quarter, insurance recoveries related to the Eastern Ohio incident exceeded incremental costs.
Third Quarter Summary
- Railway operating revenues of $3.1 billion, up $80 million, or 3%, compared to the third quarter 2023.
- Income from railway operations was $1.6 billion, an increase of $840 million, or 111%, compared to the third quarter 2023.
- Adjusting for the impact of railway line sales, restructuring and other charges, and the Eastern Ohioincident, income from railway operations was $1.1 billion, up $198 million, or 22%, compared to adjusted third quarter 2023.
- Operating ratio in the quarter was 47.7% compared to 74.6% in third quarter 2023.
- On an adjusted basis, the operating ratio for third quarter 2024 was 63.4%. This represents 570 basis points of improvement from adjusted third quarter 2023 which was 69.1%.
- Diluted earnings per share were $4.85, an increase of 131% compared to third quarter 2023.
- Adjusted diluted earnings per share were $3.25, up $0.60, or 23%, compared to adjusted third quarter 2023.
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