Norfolk Southern Releases Third Quarter 2024 Financial Results

Norfolk Southern Corporation (NYSE: NSC) recently disclosed its financial results for the third quarter of 2024 through an 8-K filing with the Securities and Exchange Commission. The company reported a strong performance during this period, showcasing robust growth in various key financial metrics.

According to the 8-K report, Norfolk Southern’s railway operating revenues saw a significant increase, totaling $3.051 billion in the third quarter of 2024 compared to $2.971 billion in the same period last year. The company’s net income for the quarter stood at $1.099 billion, a noteworthy improvement from $478 million reported in the previous year.

The filing also outlined that Norfolk Southern recognized gains of $380 million from operating property sales during the third quarter. Additionally, the company addressed expenses related to restructuring and other charges, shareholder advisory costs, and deferred income taxes, ensuring transparency in its financial reporting.

During the third quarter, Norfolk Southern completed the sale of two railway lines in Virginia and North Carolina, resulting in the mentioned gains from property sales. The company also accounted for $60 million in expenses associated with restructuring activities, $1 million for shareholder advisory costs, and a $27 million reduction in deferred income taxes due to subsidiary restructuring.

Furthermore, the filing discussed the Eastern Ohio Incident that occurred in 2023, mentioning expenses of $368 million incurred in the first nine months of 2024, along with insurance recoveries that exceeded expenses by $159 million in the third quarter of 2024.

As per the report, Norfolk Southern did not repurchase any shares of common stock under its stock repurchase program in the first nine months of 2024, while in the previous year, the company repurchased and retired 2.2 million shares of common stock.

In conclusion, Norfolk Southern’s financial performance for the third quarter of 2024 illustrated positive growth trajectories in key financial indicators. The company’s commitment to operational efficiency and transparency in financial disclosures is evident through the detailed information provided in the 8-K filing. Investors and stakeholders can access the full report on Norfolk Southern’s website for further insights into the company’s financial standing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Norfolk Southern’s 8K filing here.

Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.