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- Norfolk Southern Corp (NYSE:NSC) reported third-quarter FY22 railway operating revenue growth of 17% year-over-year to $3.34 billion, beating the consensus of $3.23 billion.
- EPS was $4.10, up 34% Y/Y. EPS included a $0.28 impact from the wage accruals pertaining to a prior period and a $0.58 benefit from a state tax law change.
- Revenue was driven by a 20% increase in revenue per unit, reflecting higher fuel surcharges and pricing.
- Sales by segments: Merchandise $1.93 billion (+12.9% Y/Y), Intermodal $942 million (+16% Y/Y) and Coal $471 million (+42.7% Y/Y).
- Railway operating expenses increased by 21% Y/Y to $2.1 billion due to higher fuel prices.
- Income from railway operations increased by 12% Y/Y to $1.3 billion.
- The railway operating ratio expanded by 180 bps to 62.0%.
- Norfolk Southern held $1.2 billion in cash and equivalents.
- "In the third quarter, the Norfolk Southern team achieved record financial results and improved service levels for our customers through our robust hiring initiatives and the launch and execution of our new operating plan, TOP|SPG," CEO Alan H. Shaw said.
- Dividend: Norfolk Southern declared a quarterly dividend of $1.24 per share on its common stock, payable November 21, 2022, to shareholders of record on November 4, 2022.
- Price Action: NSC shares are trading higher by 3.58% at $223.49 on the last check Wednesday.
- Photo Via Wikimedia Commons
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