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Norfolk Southern's Q3 revenue, income fall on lower volume

Rail News Home Norfolk Southern Railway 10/23/2019 Rail News: Norfolk Southern Railway
image Norfolk Southern Corp. reported third-quarter 2019 operating revenue fell nearly 4 percent to $2.8 billion, as a 2 percent increase in average revenue per unit was partially offset by a 6 percent decline in total volume, the Class I announced today.Net income in the quarter dropped to $657 million, or $2.49 per share, compared with $702 million, or $2.52 per share, for the same period last year.Operating expenses for the quarter also were down to $1.8 billion compared with $1.9 billion a year ago. Third-quarter rail operating income fell to $996 million from $1 billion last year.The Class I logged an operating ratio of 64.9 percent — a third-quarter record —despite the impact of a write-off related to a legal dispute.NS achieved its record Q3 operating ratio while rolling out the first phase of its new TOP21 operating plan, followed by the "swift transition to the plan's second phase," said NS Chairman, President and Chief Executive Officer James Squires in a press release."These efforts produced an 11 percent reduction in crew starts and recrews compared to the third-quarter last year, robustly outpacing the 6 percent volume decline while maintaining resilient service that supported an 11th consecutive quarter of year-over-year revenue per unit growth,” said Squires.Initiatives focused on more efficient mechanical operations and the locomotive and rail-car fleet also progressed during the quarter."Looking ahead, additional productivity will be generated as we advance to the third phase of TOP21 and execute initiatives surrounding fuel efficiency, distributed power, intermodal operations, and our mechanical network," Squires said.

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Norfolk Southern reports environmental, economic growth

Rail News Home Norfolk Southern Railway 10/17/2019 Rail News: Norfolk Southern Railway
image Norfolk Southern achieved an all-time best operations ratio of 65 percent in 2018.Photo – Norfolk Southern Railway

During 2018, Norfolk Southern Corp. decreased its greenhouse gas emissions by 2.6 percent year over year and achieved an all-time best operating ratio of 65 percent, according to the Class I's 12th annual Corporate Social Responsibility report.

Released yesterday, the report details NS' environmental, economic and social impacts during 2018 and early 2019.

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Norfolk Southern EVP, CFO Earhart to retire, George named successor

Norfolk Southern Corp. announced yesterday that Executive Vice President and Chief Financial Officer Cynthia Earhart will retire on Nov. 1. She will be succeeded by Mark George.

Earhart joined NS in 1985 in the accounting department, where she held positions of increasing responsibility, including assistant VP, before transitioning to information technology.

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NS names Allen Sutherland, Farrell to new exec roles

Norfolk Southern Corp.'s board yesterday approved new responsibilities for Michael Farrell and Vanessa Allen Sutherland effective tomorrow.

As senior vice president of operations and mechanical, Farrell will assume responsibility for the railroad's transportation and mechanical functions.

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For Norfolk Southern, growth is predicated on a new TOP21 operating plan

Last year, NS' network planning and optimization group began developing TOP21 using computer modeling and simulation tools to analyze data and train flows, and to determine optimum network fluidity and velocity.Photo – Norfolk Southern Railway

By Jeff Stagl, Managing Editor

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