Volume Loss Drives Norfolk Southern 2Q Earnings Down 29 Percent to $2.1 Billion

Norfolk, VA — Norfolk Southern Corporation on Wednesday reported second-quarter financial results for the period ended June 30.

In a period marked by COVID-19 pandemic disruptions, second-quarter net income was $392 million, diluted earnings per share were $1.53, and the operating ratio was 70.7 percent.

Railway operating revenues of $2.1 billion decreased 29 percent compared with second-quarter 2019, driven by a 26 percent decline in total volume.

Railway operating expenses of $1.5 billion decreased 21 percent compared with second-quarter 2019, driven by lower fuel, compensation and benefits, and purchased services expenses.

Income from railway operations was $610 million, and the operating ratio was 70.7 percent.

"In a period when working safely and delivering for our customers was abruptly redefined, our employees responded by protecting each other and innovating to serve rapidly evolving freight demand," said James A. Squires, Norfolk Southern chairman, president and CEO.

"Underscoring our commitment to shareholder value, we forged ahead with our ongoing transformation by further reducing our hump yard footprint, achieving fuel efficiency gains, and increasing train size," Squires added. "These are astounding achievements while managing the unprecedented economic disruption and public health crisis,"

To view the full report, click here.

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