Company reports record railway operating
revenue, income from railway operations
ATLANTA, Jan. 25,
2023 /PRNewswire/ -- Norfolk Southern
Corporation (NYSE: NSC) today announced fourth quarter and
full-year 2022 financial results. The company marked fourth quarter
and annual records for railway operating revenue and income from
railway operations.
Fourth quarter railway operating revenue was $3.2 billion, up 13%, and income from railway
operations was $1.2 billion, up
5%.
"In the fourth quarter and throughout 2022, Norfolk Southern
made significant progress in our financial performance, service
improvement, and engagement with our craft team members," said
Norfolk Southern President and Chief Executive Officer Alan H. Shaw. "Our team delivered
double-digit percentage growth in revenue as well as earnings per
share and achieved record revenue and operating income for the
year. We also outlined a bold new strategic plan to create
long-term shareholder value and a pathway for future growth for
Norfolk Southern."
Fourth Quarter Summary
- Railway operating revenues of $3.2
billion were a fourth quarter record, up 13%, or
$385 million, compared with fourth
quarter 2021, driven by a 15% increase in revenue per
unit.
- Railway operating expenses were $2.1
billion, an increase of 19% compared with the same period
last year due to higher fuel prices, increased claims costs, and
higher compensation and benefits.
- Income from railway operations was a fourth quarter record of
$1.2 billion, up 5%, or $52 million, year-over-year.
- Diluted earnings per share were $3.42, up 10%, or $0.30 compared with fourth quarter
2021.
2022 Summary
- Railway operating revenues were a record $12.7 billion in 2022, up 14%, or $1.6 billion, compared with 2021, driven by an
18% increase revenue per unit.
- Railway operating expenses were $7.9
billion, an increase of 19% compared with the same period
last year, driven by higher fuel prices, inflation, network
congestion, and higher compensation and benefits.
- Income from railway operations was $4.8
billion, up 8%, or $362
million, year-over-year, an annual record.
- Diluted earnings per share were $13.88, up 15%, or $1.77 compared with 2021.
About Norfolk Southern
Since 1827, Norfolk
Southern Corporation (NYSE: NSC) and its predecessor
companies have safely moved the goods and materials that drive the
U.S. economy. Today, it operates a customer-centric and
operations-driven freight transportation network. Committed to
furthering sustainability, Norfolk Southern helps its customers
avoid 15 million tons of yearly carbon emissions by shipping via
rail. Its dedicated team members deliver more than 7 million
carloads annually, from agriculture to consumer goods, and is the
largest rail shipper of auto products and metals in North America. Norfolk Southern also has the
most extensive intermodal network in the eastern U.S.,
serving a majority of the country's population and manufacturing
base, with connections to every major container port on the
Atlantic coast as well as the Gulf of
Mexico and Great Lakes. Learn more by visiting
www.NorfolkSouthern.com.
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SOURCE Norfolk Southern Corporation