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Norfolk Southern Corp. today reported second-quarter 2021 financial results, which included second-quarter records for net income and diluted earnings per share, and all-time quarterly records for operating ratio (OR) and income from railway operations.
The company’s net income rose 109% to $819 million, or $3.28 diluted earnings per share (EPS), from $392 million, or $1.53 diluted EPS, in the same quarter a year ago. Income from railway operations climbed 91% to $1.2 billion.
The Class I's OR improved to 58.3% in the quarter — a new record — from 70.7% a year ago. Q2 railway operating revenue of $2.8 billion increased 34%, driven by a 25% increase in volume and a 7% increase in revenue per unit. Railway operating expenses totaled $1.6 billion, an increase of 11%.
"Our team met the challenge for the second quarter head-on, delivering another solid performance of sequential operating ratio improvement, driving meaningful productivity into our business as revenue and volume rebounded from last year," said NS Chairman, President and Chief Executive Officer James Squires in a press release.