![The NS team produced “a number of third-quarter [2021] records,” Chairman, President and CEO James A. Squires said on Oct. 27.](https://www.railwayage.com/wp-content/uploads/2021/10/NS.png)
The NS team produced “a number of third-quarter [2021] records,” Chairman, President and CEO James A. Squires said on Oct. 27.
Despite significant supply chain disruptions, Norfolk Southern (NS) delivered “a strong financial performance” in third-quarter 2021, Chairman, President and CEO James A. Squires said during an Oct. 27 earnings announcement.
For the three-months ended Sept. 30, 2021, NS posted railway operating revenues of $2.85 billion, rising 14% compared with the prior-year period, which the railroad attributed to a 14% increase in revenue per unit. Volumes for third-quarter 2021 were flat with 2020.
Other third-quarter 2021 highlights:
• Net income was $753 million, up 32% from the $569 million posted in third-quarter 2020.
• Diluted earnings per share came in at $3.06 vs. the prior-year period’s $2.22.
• Operating ratio was 60.2%, a third-quarter record, and an improvement of 630 basis points over third-quarter 2020. “Last year’s results included a $99 million impairment charge related to an equity method investment,” NS reported. “Excluding the effect of the impairment charge in third-quarter 2020, the operating ratio improved 230 basis points over the adjusted results for third-quarter 2020.”
• Income from railway operations was a third-quarter record of $1.136 billion, up 35% from last year’s $840 million. “Excluding the effect of the impairment charge in third-quarter 2020, income from railway operations was up 21%, or $197 million, on a year-over-year adjusted basis,” NS said.
• Railway operating expenses were $1.716 billion, an increase of 3% from third-quarter 2020’s $1.666 billion. “Excluding the impairment charge, operating expenses were up 10%, or $149 million, compared with adjusted operating expenses in the third quarter of 2020, driven by higher fuel, purchased services and compensation and benefits expenses.”
2021 Outlook
Looking ahead, NS reported that for revenue, it expects a year-over-year growth of greater than 12%, with Intermodal and Merchandise as the drivers. For operating ratio, it anticipates a year-over-year improvement in the range of 400-440 bps. Capex is slated to reach approximately $1.6 billion.
The NS Investor Relations page provides more details.
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October 27, 2021 at 09:08PM
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NS 3Q21: Record Quarterly Results - RailwayAge Magazine
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