Norfolk Southern Corporation today reported third-quarter 2021 financial results, which included third-quarter records for net income, diluted earnings per share, income from railway operations, and operating ratio.

Third-quarter net income was $753 million, diluted earnings per share was $3.06, income from railway operations was $1.1 billion, and the operating ratio was 60.2%.

Third-Quarter Summary

• Railway operating revenues of $2.85 billion increased 14%, or $346 million, compared with third-quarter 2020, driven by a 14% increase in revenue per unit.
• Railway operating expenses were $1.7 billion, an increase of 3%, or $50 million, compared with the same period last year.
  • Last year’s results included a $99 million impairment charge related to an equity method investment. Excluding the impairment charge, operating expenses were up 10%, or $149 million, compared with adjusted operating expenses in the third quarter of 2020, driven by higher fuel, purchased services and compensation and benefits expenses.

• Income from railway operations was a third-quarter record of $1.1 billion, an increase of 35%, or $296 million, on a year-over-year basis.
  • Excluding the effect of the impairment charge in third-quarter 2020, income from railway operations was up 21%, or $197 million on a year-over-year adjusted basis.

• Railway operating ratio was 60.2%, a third-quarter record, and an improvement of 630 basis points over third-quarter 2020.
  • Excluding the effect of the impairment charge in third-quarter 2020, the operating ratio improved 230 basis points over the adjusted results for third-quarter 2020.

-via Press Release