Norfolk Southern Corporation  today reported first-quarter 2021 financial results. First-quarter net income was $673 million, diluted earnings per share was a first-quarter record of $2.66, and the operating ratio improved to an all-time quarterly record of 61.5%.

First-quarter summary

• Railway operating revenues of $2.6 billion increased 1%, or $14 million, compared with first-quarter 2020, driven primarily by a 3% increase in volume.
• Railway operating expenses were $1.6 billion, a decrease of 21%, or $433 million, compared with the same period last year.
  • Last year’s results included a $385 million non-cash locomotive rationalization charge as a result of productivity gains achieved through the successful introduction of PSR. Excluding the locomotive rationalization charge, operating expenses were down 3%, or $48 million, compared with adjusted operating expenses in the first quarter of 2020, driven by lower fuel, compensation and benefits, and materials expenses.
• Income from railway operations was a first-quarter record of $1.0 billion, an increase of 79%, or $447 million, year-over-year.
  • Excluding the effect of the locomotive rationalization charge in first-quarter 2020, income from railway operations was up 7%, or $62 million year-over-year.
• Railway operating ratio was 61.5%, an all-time record.

 -via Press Release