Norfolk Southern(US:NSC)2021-10-27 16:58Financial Performance - Norfolk Southern's Q3 2021 revenues reached $2852 million, a 14% increase compared to adjusted Q3 2020[4] - The operating ratio improved to a record 602% in Q3 2021, a 230 bps improvement compared to adjusted Q3 2020[4] - Earnings per share (EPS) reached a record $306 in Q3 2021, a 22% increase compared to adjusted Q3 2020[4] - Free cash flow YTD reached a record $2288 million, a 33% increase compared to 2020[27] Operational Efficiency - Train weight increased by 10% in Q3 2021 compared to Q3 2020, driving productivity[8] - Locomotive utilization improved, with 7% of locomotives available in the surge fleet[16] - Fuel efficiency improved by 3% YTD[16] Revenue Quality - Merchandise revenue reached $1710 million in Q3 2021, a 10% increase compared to Q3 2020[22] - Intermodal revenue reached $812 million in Q3 2021, a 16% increase compared to Q3 2020[22] - Coal revenue reached $330 million in Q3 2021, a 32% increase compared to Q3 2020[22] - Intermodal revenue per unit (RPU) increased by 14% in Q3 2021 compared to Q3 2020[22] Outlook - Norfolk Southern anticipates YoY revenue growth of greater than 12%[40] - The company is targeting a YoY improvement in operating ratio in the range of 400-440 bps[40] - Capital expenditures are projected to be approximately $16 billion[40]