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- Norfolk Southern Corp (NYSE:NSC) reported third-quarter railway operating revenue growth of 14% year-over-year to $2.85 billion, beating the consensus of $2.75 billion. Revenue was driven by a 14% increase in revenue per unit.
- Sales by segments: Merchandise $1.71 billion (+10% Y/Y), Intermodal $812 million (+16% Y/Y) and Coal $330 million (+32% Y/Y).
- Total railway operating expense increased by 3% Y/Y to $1.72 billion.
- EPS improved to $3.06 from $2.22 in 3Q20, beating the consensus of $2.91.
- Income from railway operations increased by 35% Y/Y to $1.14 billion, and the margin expanded to 39.8%. On a year-over-year adjusted basis, income from railway operations was up 21%.
- Railway operating ratio was 60.2% in the quarter, an improvement of 630 bps compared to 3Q20.
- Norfolk Southern generated a YTD operating cash flow of $3.31 billion, compared to $2.77 billion a year ago. It held cash and equivalents of $1.5 billion as of September 30, 2021.
- FY Outlook: Norfolk Southern expects revenue to grow more than 12% year-over-year (prior view ~9% to ~12% growth) with Intermodal and Merchandise as lead drivers and Operating ratio improvement of 400-440 bps.
- Price Action: NSC shares traded higher by 2.21% at $293.08 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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