Norfolk Southern Corp NSC reported a third-quarter FY23 railway operating revenue decline of 11% year-over-year to $2.97 billion, beating the consensus of $2.95 billion.
Adjusted EPS was $2.65 (-35% Y/Y), below the consensus of $2.69.
Sales by segments: Merchandise $1.80 billion (-7% Y/Y), Intermodal $737 million (-22% Y/Y), and Coal $434 million (-8% Y/Y).
Railway operating expenses increased by 7% Y/Y to $2.215 billion.
Income from railway operations declined by 41% Y/Y to $756 million. Adjusting for the Eastern Ohio Incident, income from railway operations was $919 million (-28% Y/Y).
Operating cash flow year-to-date totaled $2.51 billion versus $3.42 billion a year ago.
Norfolk Southern held $1.51 billion in cash and cash equivalents at the end of the quarter.
The company stated that the Ohio train derailment incident has led to $966 million in expenses for environmental and legal matters, with $163 million incurred in Q3, partially offset by $25 million in insurance recoveries.
The company repurchased and retired 2.2 million shares in the first nine months of 2023 for $508 million.
Price Action: NSC shares are trading lower by 3.21% at $189.93 on the last check Wednesday.
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