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Norfolk Southern Corp. today reported fourth-quarter 2022 railway operating revenue of $3.2 billion, a 13% increase, and railway operating income of $1.2 billion, a 5% increase compared with fourth-quarter 2021 financial results.
NS marked fourth-quarter and annual records for railway operating revenue and income from railway operations, company officials said in a press release.
Diluted earnings per share were $3.42, up 10% compared with Q4 2021. Operating expenses in the quarter increased 19% to $2.1 billion compared with the same 2021 period due to higher fuel prices, increased claims costs and higher compensation and benefits, NS officials said.
For the full year:
• Railway operating revenue reached a record $12.7 billion, up 14%, or $1.6 billion, compared with 2021, driven by an 18% increase in revenue per unit;• Railway operating expenses were $7.9 billion, an increase of 19% compared with the same period last year, driven by higher fuel prices, inflation, network congestion and higher compensation and benefits;• Income from railway operations was $4.8 billion, up 8%, or $362 million year over year, an annual record; and• Diluted earnings per share were $13.88, up 15%, or $1.77, compared with 2021.
"In the fourth quarter and throughout 2022, Norfolk Southern made significant progress in our financial performance, service improvement and engagement with our craft team members," said President and CEO Alan Shaw. "Our team delivered double-digit percentage growth in revenue as well as earnings per share and achieved record revenue and operating income for the year. We also outlined a bold new strategic plan to create long-term shareholder value and a pathway for future growth."