Norfolk Southern Corporation reported a total railway operating revenue of $12.1 billion for the fiscal year ending December 31, 2024, a slight decrease from $12.2 billion in 2023. The company's net income rose significantly to $2.6 billion, up 44% from $1.8 billion in the previous year, while diluted earnings per share increased to $11.57 from $8.02. The improvement in profitability was primarily attributed to a 13% reduction in railway operating expenses, which fell to $8.1 billion from $9.3 billion in 2023. This reduction was influenced by lower costs associated with the Eastern Ohio Incident and gains from the sale of railway lines.
In terms of operational metrics, Norfolk Southern handled 2.3 million merchandise carloads, which accounted for 62% of total railway operating revenues, and 4.1 million intermodal units, contributing 25% to revenues. The company also reported a railway operating ratio of 66.4%, a significant improvement from 76.5% in 2023, indicating a more efficient operation. The average employee headcount for 2024 was approximately 20,200, a slight decrease from 20,300 in 2023.
Strategically, Norfolk Southern completed the acquisition of a 337-mile railway line from the Cincinnati Southern Railway in March 2024, which it had previously operated under a lease. This acquisition is expected to enhance the company's operational capabilities and expand its service offerings. Additionally, the company executed several sales of railway lines, including a transaction with the Virginia Passenger Rail Authority, which generated significant gains.
Looking ahead, Norfolk Southern anticipates revenue growth in 2025, driven by higher volumes. The company is also focused on improving its operational efficiency and safety measures, particularly in light of the ongoing legal and regulatory challenges stemming from the Eastern Ohio Incident. The company has accrued significant liabilities related to this incident, which may impact future financial performance. Overall, Norfolk Southern remains committed to enhancing its service quality and operational resilience while navigating the complexities of the rail industry.
About NORFOLK SOUTHERN CORP
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