Financial Data and Key Metrics Changes - The company reported a 4% decrease in revenue year-over-year, primarily due to lower fuel surcharge and headwinds in intermodal [58][89] - Operating expenses increased by 3% from inflation and an increased workforce, impacting net income and EPS [58][60] - The operating income was adversely impacted by $592 million due to cleanup costs and insurance recoveries related to the East Palestine derailment [56][58] Business Line Data and Key Metrics Changes - Merchandise volume remained flat year-over-year, while revenue decreased by 1% due to lower fuel surcharge revenue [61] - Coal volumes declined by 4%, with weakness in the utility market partially offset by strong export performance [62] - Intermodal revenue, excluding fuel and storage fees, increased as higher volumes offset adverse mix, with international shipments driving growth [64][90] Market Data and Key Metrics Changes - The macroeconomic landscape presents uncertainty regarding inflation and Fed rate actions, but the company is positioned to capitalize on growth opportunities [65] - Intermodal volumes are expected to increase due to robust international trade, although domestic premium business volumes are anticipated to fall [66] - Coal shipments are challenged by high stockpiles and low natural gas prices, with export shipments affected by the Baltimore port shutdown [95] Company Strategy and Development Direction - The company aims to close the profitability gap with peers and achieve a sub-60% operating ratio in the next three to four years through disciplined operational excellence [47][69] - A balanced approach is being taken to improve service productivity while ensuring safety and long-term shareholder value [10][72] - The strategy includes optimizing terminal operations and reducing costs without disrupting customer service [15][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving targets through disciplined operations and improved service levels, emphasizing the importance of asset management and operational efficiency [6][20] - The COO highlighted the need for continuous improvement and accountability within the organization to drive performance [128][99] - Management acknowledged the challenges faced but remains optimistic about the company's ability to deliver impressive results through proper execution [68][100] Other Important Information - The company has established a network optimization team to address underperformance and improve productivity across terminals [70] - A significant focus is placed on safety, with a system safety blitz initiated to reinforce safety commitments [96] - The company is committed to engaging with customers and stakeholders to ensure alignment with its transformation strategy [30][29] Q&A Session Summary Question: How does the company plan to manage the changes without customer disruption? - Management stated that the implementation of PSR is being done responsibly and sustainably, focusing on improving service without significant customer disruption [9][10] Question: What is the customer response to the changes underway? - Customers have expressed encouragement regarding service improvements and are beginning to unwind alternatives as they see the value in Norfolk Southern's service [25][26] Question: What are the implications of reducing locomotives on headcount? - The company anticipates a total headcount reduction of around 2% by year-end, with a focus on improving productivity and efficiency [34][35] Question: How does the company view the risks associated with aggressive operational changes? - Management emphasized that the strategy remains focused on balancing service productivity and growth while ensuring safety, with a commitment to operational discipline [114][115] Question: What are the expectations for intermodal and merchandise growth? - The company expects intermodal to grow due to strong demand, while merchandise may recover as service challenges are addressed and network efficiency improves [119][124]

For the quarter ended March 2024, Norfolk Southern (NSC) reported revenue of $3 billion, down 4.1% over the same period last year. EPS came in at $2.49, compared to $3.32 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $3.03 billion, representing a surprise of -0.87%. The company delivered an EPS surprise of -3.49%, with the consensus EPS estimate being $2.58.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how t ...

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 accordance with U.S. GAAP can ...

EXHIBIT 99.3 See accompanying notes to consolidated financial statements. Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) | | | | First Quarter | | | --- | --- | --- | --- | --- | | | | 2024 | | 2023 | | | | | (in millions, except per share amounts) | | | Railway operating revenues | | | | | | Merchandise | $ | 1,863 | $ | 1,878 | | Intermodal | | 745 | | 814 | | Coal | | 396 | | 440 | | Total railway operating revenues | | 3,004 | | 3,132 | | Railway operating ex ...

ATLANTA, April 24, 2024 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) confirmed Wednesday morning that its first quarter 2024 financial results were in-line with preliminary results previously announced on April 9, 2024. Financial details can be found in the press release issued that day. The company will also discuss the results during a live call at 8:45 a.m. ET. Please visit www.norfolksouthern.com for additional information and details on joining the call. About Norfolk SouthernSince 1827, No ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___________ to___________ Commission File Number 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State or other j ...

3 YEAR OUTLOOK Thank You www.norfolksouthern.com CUSTOMER-CENTRIC, OPERATIONS-DRIVEN 19 04 Market Overview Ed Elkins Executive Vice President & Chief Marketing Officer Return to Volume Growth, Revenue Headwinds Persist Q3 2022 Merchandise Merchandise Intermodal Intermodal Coal Coal Q3 2023 Total Revenue $1,849M (1%) $794M (13%) $430M (4%) $3,073M (5%) Revenue Volume 557,800 - 1,014,800 5% 171,100 1% 1,743,700 3% Volume RPU $3,316 (1%) $782 (17%) $2,515 (5%) $1,763 (8%) RPU RPU (less fuel)(1) $3,095 1% $610 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to___________ Commission File Number: 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State ...

Norfolk Southern Corporation (NYSE:NSC) Q2 2023 Results Conference Call July 27, 2023 8:45 AM ET Company Participants Luke Nichols - Senior Director of Investor Relations Alan Shaw - President & Chief Executive Officer Mark George - Chief Financial Officer Paul Duncan - Chief Operating Officer Ed Elkins - Chief Marketing Officer Conference Call Participants Brandon Oglenski - Barclays Ken Hoexter - Bank of America Amit Mehrotra - Deutsche Bank Scott Group - Wolfe Research Chris Wetherbee - Citigroup Jon Cha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to___________ Commission File Number: 1-8339 NORFOLK SOUTHERN CORPORATION (Exact name of registrant as specified in its charter) Virginia 52-1188014 (State or ot ...