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.