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Norfolk Southern (NSC) 2025 Conference June 10, 2025 11:15 AM ET Speaker0 All right, great. Going to go ahead and get started continuing on the rail track. At the conference this morning, we're very pleased to be joined by Norfolk Southern. From Norfolk, we have John Operating Officer and Jason Zanpey, Chief Financial Officer. Gentlemen, thanks very much for joining us. I think I saw Michael Barr and Luke are also in the audience, so thanks guys for joining and welcome to the conference. Speaker1 Thanks Chr ...

It has been about a month since the last earnings report for Norfolk Southern (NSC) . Shares have added about 5.7% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Norfolk Southern due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Sinc ...

Norfolk Southern (NSC) FY Conference Summary Company Overview - **Company**: Norfolk Southern Corporation (NSC) - **Date of Conference**: May 20, 2025 Key Points and Arguments Operational Performance - NSC has made significant progress in operational metrics, including network fluidity and service product quality, leading to improved productivity across the P&L [2][4] - The company demonstrated resilience during the first quarter, effectively managing 18 winter storms and recovering operations quickly [3] - Labor productivity, fuel efficiency, and purchase service costs have shown improvement, contributing to operational momentum [4] Financial Goals and Projections - NSC aims for $150 million in productivity savings and cost reductions in 2025, with a target of 3% revenue growth despite macroeconomic uncertainties [5][6] - The company anticipates a 150 basis points improvement in the operating ratio (OR) [6] Volume Trends - Volumes are tracking up approximately 6% quarter-to-date in Q2, with coal and auto segments performing better than expected [7][8] - Intermodal volumes remain steady, with international volumes holding strong despite concerns about a potential import cliff [9][12] Coal Market Insights - The coal segment is experiencing a replenishment of stockpiles due to winter recovery and summer electricity demand, although export coal prices remain depressed [14][16] - The company expects low single-digit declines in coal revenue per unit (RPU) due to pricing pressures [17][19] Intermodal and East Coast Operations - NSC is well-positioned to handle shifts in volume from West Coast to East Coast ports, benefiting from strong partnerships and population density on the East Coast [21][22] - The company is prepared for a return to normal equilibrium in port volumes, which could enhance operational efficiency [21] Revenue Growth and Pricing Strategy - The 3% revenue growth target is primarily driven by volume, with flat yields expected due to commodity mix challenges [24][26] - The company has seen a slight increase in yields excluding fuel, marking the first increase after six quarters of declines [37] Cost Management and Productivity - NSC has achieved strong labor productivity, with headcount down while volumes increase, indicating effective cost management [48][49] - The company is focused on reducing purchase service costs, which have shown a year-over-year decline [58] Inflation and Compensation - A 4% wage increase for union employees is expected to impact compensation costs significantly [63] - The company is managing inflation risks primarily in compensation and benefits, with ongoing efforts to enhance productivity to offset wage increases [63] Capital Expenditure and Cash Flow - NSC has reduced its capital expenditure guidance for 2024 from $2.4 billion to $2.2 billion, focusing on infrastructure and safety [64][65] - The potential for 100% bonus depreciation could provide significant cash flow benefits [66] Industry Outlook and Mergers - Discussions around potential mergers in the rail industry are ongoing, but NSC remains focused on enhancing service quality and operational efficiency rather than pursuing mergers at this time [68][70] Additional Important Insights - The company is committed to maintaining a sub-60% operating ratio in the long term, although the timeline for achieving this may be extended due to market conditions [32][33] - NSC is actively working on technology improvements to rationalize spending and enhance operational efficiency [61] This summary encapsulates the key insights and strategic directions discussed during the Norfolk Southern FY Conference, highlighting the company's operational resilience, financial goals, and market positioning.

Financial Performance - In Q1 2025, Norfolk Southern Corporation reported railway operating revenues of $2,993 million, a slight decrease of 0.4% compared to $3,004 million in Q1 2024[104]. - Net income surged to $750 million in Q1 2025, reflecting a remarkable increase of 1,315% from $53 million in Q1 2024[104]. - The diluted earnings per share rose to $3.31 in Q1 2025, a substantial increase of 1,339% compared to $0.23 in Q1 2024[104]. - Adjusted income from railway operations for Q1 2025 was $961 million, up 6% from $904 million in Q1 2024, driven by lower operating expenses[108]. - The railway operating ratio improved to 61.7% in Q1 2025, down from 92.9% in Q1 2024, indicating enhanced operational efficiency[104]. Revenue Breakdown - Intermodal revenues increased by 2% to $760 million in Q1 2025, supported by a 3% rise in intermodal units transported[111]. - Coal revenues decreased by 7% to $370 million in Q1 2025, attributed to lower average revenue per unit and volume declines[111]. - Approximately 95% of Norfolk Southern's revenue base is covered by contracts that include negotiated fuel surcharges, which totaled $202 million in Q1 2025, down from $260 million in Q1 2024 due to lower fuel prices[113]. - The company anticipates revenue growth for the remainder of 2025 compared to 2024, driven by higher volume despite economic uncertainties[114]. Operating Expenses and Cash Flow - Railway operating expenses significantly decreased by 34% to $1,847 million in Q1 2025 from $2,791 million in Q1 2024, primarily due to insurance recoveries related to the Eastern Ohio Incident[104]. - Cash provided by operating activities was $950 million for Q1 2025, up from $839 million in Q1 2024, reflecting improved operating results[134]. - Cash used in investing activities decreased to $1.0 billion in Q1 2025 from $1.8 billion in the same period last year, primarily due to the prior year's acquisition of Cincinnati Southern Railway assets[135]. - Cash used in financing activities was $564 million in Q1 2025, compared to cash provided of $89 million in Q1 2024, reflecting lower borrowing proceeds and increased stock repurchases[136]. Tax and Debt - The effective tax rate for Q1 2025 was 23.3%, compared to (76.7)% in Q1 2024, influenced by low pre-tax income and a deferred income tax benefit[133]. - The debt-to-total capitalization ratio was 54.3% at March 31, 2025, slightly down from 54.6% at December 31, 2024[142]. Other Financial Metrics - The company had $1.0 billion in cash and cash equivalents as of March 31, 2025[134]. - Gains from operating property sales amounted to $23 million in 2025, compared to no gains in the prior year[129]. - The company has $6.6 billion authorized for stock repurchases, with $248 million spent in Q1 2025[136]. - Claims expense increased due to higher costs associated with environmental clean-up and personal injury case developments[127]. - The company recorded $99 million in restructuring expenses in Q1 2024 related to workforce reductions[130].

Q1 2025 EARNINGS CALL In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying presentation contains non-GAAP financial measures. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Reconciliations to the most directly comparable financial measures calculated and presented in accordan ...

Norfolk Southern Corporation (NYSE:NSC) Q1 2025 Earnings Conference Call April 23, 2025 8:45 AM ET Company Participants Luke Nichols - Senior Director of IR Mark George - President and CEO John Orr - EVP and COO Ed Elkins - Chief Commercial Officer Jason Zampi - EVP, Treasurer, and CFO Conference Call Participants Kenneth Hoexter - Bank of America Christian Wetherbee - Wells Fargo Scott Group - Wolfe Research Brian Ossenbeck - JPMorgan Jonathan Chappell - Evercore ISI Jason Seidl - TD Cowen Brandon Oglenski ...

Norfolk Southern (NSC) came out with quarterly earnings of $2.69 per share, missing the Zacks Consensus Estimate of $2.72 per share. This compares to earnings of $2.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.10%. A quarter ago, it was expected that this railroad would post earnings of $2.95 per share when it actually produced earnings of $3.04, delivering a surprise of 3.05%.Over the last four quarters, the company ...

Norfolk Southern (NSC) Q1 2025 Earnings Call April 23, 2025 08:45 AM ET Company Participants Luke Nichols - Senior Director of Investor RelationsMark George - President & CEOJohn Orr - COO & Executive VPClaude Elkins - EVP & Chief Commercial OfficerJason Zampi - EVP, CFO & TreasurerKen Hoexter - Managing DirectorBrian Ossenbeck - Managing DirectorJonathan Chappell - Senior Managing DirectorJason Seidl - Managing DirectorStephanie Moore - SVP & Equity ResearchWalter Spracklin - Canadian Equity Research Manag ...

Financial Performance - Total railway operating revenues for Q1 2025 were $2,993 million, a slight decrease of 0.4% from $3,004 million in Q1 2024[2] - Net income for Q1 2025 increased significantly to $750 million, compared to $53 million in Q1 2024, representing a growth of 1,320%[2] - Earnings per share (diluted) rose to $3.31 in Q1 2025, compared to $0.23 in Q1 2024, marking a substantial increase of 1,341%[2] - Total railway operating expenses decreased to $1,847 million in Q1 2025 from $2,791 million in Q1 2024, a reduction of 33.8%[2] - Cash flows from operating activities for Q1 2025 were $950 million, up from $839 million in Q1 2024, indicating a growth of 13.2%[6] Shareholder Actions - The company repurchased and retired 1.0 million shares of common stock at a cost of $250 million in Q1 2025, while no shares were repurchased in Q1 2024[10] Insurance and Incident Recovery - The Eastern Ohio incident resulted in a net insurance recovery of $185 million in Q1 2025, compared to expenses of $592 million in Q1 2024[8] Asset Management - Current assets decreased to $2,701 million as of March 31, 2025, from $3,188 million at the end of 2024, a decline of 15.3%[4] - Total assets increased slightly to $43,800 million as of March 31, 2025, compared to $43,682 million at the end of 2024, an increase of 0.3%[4] - Long-term debt remained stable at $16,660 million as of March 31, 2025, compared to $16,651 million at the end of 2024[4]