Norfolk Southern posts record Q2 results for 2019
Written by David C. Lester, Editor-in-Chief
Norfolk Southern Corporation today reported second-quarter financial results.
Second-quarter net income was $722 million, up 2 percent year-over-year, a result of a 4 percent increase in income from railway operations – yielding a record second-quarter operating ratio of 63.6 percent. Diluted earnings per share were $2.70, up 8 percent year-over-year and a second-quarter record.
“Norfolk Southern’s record financial results underscore our unrelenting commitment to shareholder value as we advance along the path of our strategic transformation,” said James A. Squires, Norfolk Southern chairman, president and CEO. “Our strong financial and operational performance in the second quarter was achieved while also finalizing preparations for the successful implementation of our new operating plan, TOP’21. This execution reflects the strength of our team, commitment to our customers, and power of our balanced strategic plan to deliver enhanced shareholder value.”
Second-quarter summary
- Railway operating revenues of $2.9 billion increased 1 percent compared with prior year, as a 5 percent increase in average revenue per unit was offset by a 4 percent decline in total volume.
- Railway operating expenses were $1.9 billion, a decrease of $12 million, compared with the same period last year as fuel price declines and lower purchased services and rents were offset by increased depreciation expense.
- Income from railway operations was $1.1 billion, an increase of 4 percent year-over-year, a second-quarter record. The railway operating ratio, or operating expenses as a percentage of revenues, was 63.6 percent, also a second-quarter record.
From a Norfolk Southern press release
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